GameStop Dumps IMX Tokens Amid Partnership Announcement


Key Takeaways

GameStop has offered practically 15 million IMX tokens up to now few days.
Immutable, the developer of Immutable X, has thus far despatched round 37.5 million IMX tokens to GameStop, with round 15 million extra to come back.
Yesterday, Immutable introduced it had been tapped by GameStop to assist construct its NFT market.

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GameStop has dumped nearly 15 million IMX tokens it had obtained as a part of a improvement take care of Immutable.

IMX Floods Market

Yesterday, Immutable, the developer of Ethereum Layer 2 scaling answer Immutable X, introduced a partnership with GameStop that included constructing out its NFT market.

As a part of the deal, GameStop was set to obtain as much as $150 million price of its IMX token in grants upon the completion of sure milestones. Transaction data on Etherscan point out that GameStop obtained has obtained greater than 37.5 million IMX tokens over the previous 4 days.

Since then, GameStop has distributed with 14,989,293 of these tokens.

Over a collection of three transactions—two of which befell two days previous to the partnership announcement, and one which befell just a few hours after the announcement—GameStop moved the roughly $44 million in IMX to centralized exchanges Binance, Huobi, and OKX.

With a present circulating provide of round 225 million, 15 million IMX tokens represents about 6.5% of the token’s provide.

The flood of IMX tokens onto the market has seemingly contributed to its sharp worth decline up to now day and a half. Following Immutable’s announcement yesterday, the IMX token reached costs of over $4.20, however at this time the token sits beneath $3 at press time, representing a 40% worth decline. 

Immutable X is a Layer 2 NFT protocol for Ethereum that enables for fast transactions with out gasoline charges. It makes use of zero-knowledge rollups to scale on Ethereum.

In September, Immutable raised $60 million in funding for its Immutable X scaling answer platform. 

Down from its highs of round $380 per share final January, GameStop inventory hovers barely above $100 at press time. It’s up round 3% at this time. 

Disclosure: On the time of writing, the creator of this piece owned IMX, ETH, and a number of other different cryptocurrencies. 

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