On March 25, IMX, the token associated with crypto gaming platform Immutable, jumped more than 15%. It got as high as almost $0.74 at the peak of this spectacular run. All this growth came just a week or two after Immutable’s announcement that the SEC had finished its inquiry and found no wrongdoing. Many, including us, are taking this development as a positive sign for the future of Web3 gaming.
The price of IMX has since corrected to $0.67 at press time, as per CoinMarketCap. However, even with this pullback the token has still managed to post a 0.34% gain in the last 30 days.
The latest rally follows Immutable’s announcement that the U.S. Securities and Exchange Commission (SEC) has ended its investigation into the related firm. Today, the SEC announced that it would take no further action. Immutable stated that this decision "closed the loop on the Wells notice issued by the SEC last year."
The price hardly reacted at all when Immutable first announced in November that it had received a Wells notice.
After a year of fighting, this threat to digital ownership rights has finally been put to rest. - Robbie Ferguson
Currently, IMX is ranked among the top gaming crypto tokens by market capitalization. It was at its peak price of $9.32 in November 2021, during the great gaming token rally.
The total market capitalization of all gaming tokens combined has decreased by 3.65% over the last 30 days. It currently sits at $13.13 billion. Trading volume has seen a significant increase, falling by 33.45% to $1.75 billion in the last month.
CoinGlass data predicts a potential rebound for IMX up to $0.70. This would close out approximately $449,500 of short positions. In fact, seven of the top ten gaming crypto tokens experienced a surge in the last day.
