Data Revealed: Whales Accumulate in an Altcoin – But the Price is a Big Disappointment

According to cryptocurrency onchain data, there has been a notable increase in whale activity in an altcoin.

Onchain data shared by cryptocurrency analytics firm Santiment shows an unusual spike in whale activity in the Immutable X (IMX) altcoin. According to analysts, when large wallets increase their transfers in a cryptocurrency, it could indicate a period of accumulation.

Santiment data shows that crypto whale wallets holding at least 100,000 IMX tokens have amassed a total of 4.55 million IMX over the past three months.

However, the IMX price continues to trend downward. The tokens price has fallen by 19% in the last month, while the decline rate in the last year has been 80%. IMX, which is listed on major cryptocurrency exchanges such as Binance, Upbit and Coinbase, has a market value of approximately $1 billion at the time of writing.

The token, which has a large user base especially in South Korea, has the theme of Web3 games, which were once very popular.

*This is not investment advice.