Immutable X Token Unlocking and its Implications

02/20/2023 03:42 • NFT Newsflash • 135 views

According to reports, Token Unlocks data shows that 18075990.62 IMX tokens of Immutable X will be unlocked at 18:00 Beijing time on February 25, with a value of about 18.78 million US dollars, accounting for 0.904% of the total supply (2 billion). Among them, 9615385 were unlocked for project development and 8460606 were unlocked for private sales.

Data: IMX tokens worth nearly 19 million dollars will be unlocked on February 25

Interpret the above information:

The upcoming unlocking of 18.07 million IMX tokens of Immutable X is a keenly observed event in the cryptocurrency market. The statistic has shown that this token unlocking will be on February 25, 2022, at 18:00 Beijing time. Immutable X is a platform that provides a layer-two scaling solution to Ethereum for NFTs games and applications. These tokens’ value is expected to be around $18.78 million, and it accounts for 0.904% of the total listed supply (2 billion).

Among the total number of IMX tokens, 9.62 million IMX tokens unlocked for project development, ie., will be used for the project’s betterment. These unlocked tokens will be used to fund various projects on the platform. They will be utilized to hire developers, cover development costs, and drive research and innovation.

Another 8.46 million IMX tokens unlocked for private sales. Private sales usually happen behind closed doors, with a select group of investors being offered the opportunity to buy tokens at a discounted price before the token fully hits the market. As a result, this move can be perceived as a fundraising effort to generate more money for the platform.

The unlocking of a large volume of IMX tokens has several implications. The first being that the release of these tokens may add more pressure on the IMX price. The crypto market operates based on supply and demand, and with more IMX tokens in circulation, their value will be affected. It could lead to a drop in value, as was the case with several cryptocurrencies recently.

Secondly, the token unlocks serve as an excellent opportunity for investors to increase their IMX holdings. Investors have been waiting eagerly for the token release to buy IMX tokens at a discounted price, which can help them recover their investment costs faster.

In conclusion, the token unlocking for the Immutable X project is a critical event in the crypto market. While it could lead to devaluation of the IMX tokens, it equally presents an opportunity to invest in the project. The funds generated from the unlocking of tokens will be used to expand the project’s reach and increase its value in the market.

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Immutable X Token Unlocking and its Implications

Data: IMX tokens worth nearly 19 million dollars will be unlocked on February 25

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