Why IMX is up today: price analysis and key drivers
Immutable (IMX) rose 14% in 24 hours, trading around $0.70, with 12% weekly and 28% monthly gains.
Overall, the crypto market has changed little today. Bitcoin continues to trade below $116,000, and Ether trades at around $4,500.
Key Points
- New partnerships and gaming activity draw optimism
- The network remains competitive in the Web3 gaming sector
- Community sentiment is mostly bullish
24-hour Immutable IMX price performance. Source: TradingView
Gaming studio deals add real-world traction
The number of partnerships between Immutable and gaming companies, both inside and outside the Web3 sector, is growing. In a recent X post, Immutable co-founder Robbie Ferguson announced plans to onboard 10 times more Web2 games to crypto due to unprecedented network speed.
One of the largest partners of Immutable is Ubisoft. Recently, the company announced the integration of Slime Miner, a Web3 game with over 18 million players, into its network.
Immutable Network continues to grow
Immutable zkEVM, a Layer 2 scaling solution for Ethereum, together with marketplace tools, enables developers to use IMX for transaction fees, staking, and marketplace activities. As a result, demand for IMX tends to rise whenever new games or developers adopt the platform.
Bullish community sentiment supports IMX token demand
According to CoinMarketCap votes, 85% of traders are bullish on IMX. Price movements and network activity are fueling optimism; however, IMX is still trading about 92% below its all-time high of $9.50, reached on November 26, 2021.
Despite this, IMX remains among the top 100 largest cryptocurrencies and ranks in the top 3 gaming tokens, with a market capitalization exceeding $140 million.
Author
Web3 writer and crypto HODLer with a keen interest in market trends and recent technologies.
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