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The cryptocurrency market is buzzing with excitement as the price of Immutable (IMX) continues its meteoric rise. IMX recently reached a daily high of $0.7614, leaving investors and traders eagerly watching the charts in anticipation of further gains. This impressive surge in IMX’s value can be largely attributed to the accumulation of IMX tokens in Upbit wallets, a trend that is captivating the attention of the crypto community.

Upbit, one of the prominent cryptocurrency exchanges, has become a focal point for the accumulation of IMX tokens. Notably, both individual investors and institutional players are actively depositing IMX into their Upbit wallets, further fueling the cryptocurrency’s rally.

A recent tweet by LookOnChain highlights the significant role that Upbit wallets are playing in the IMX accumulation phenomenon. This surge in interest is reflected in the data provided in the tweet, which showcases the growing number of IMX tokens being deposited into Upbit wallets. As a result, IMX’s value has surged, drawing in traders and investors alike.

1/ The price of $IMX skyrocketed by 35% today.

We noticed that #Upbit wallets were accumulating $IMX.

And investors/institutions were depositing $IMX to exchanges after the price increase. pic.twitter.com/brWNourpoi

However, the surge in IMX’s price is not solely a result of organic demand and interest. WuBlockchain, a reputable source in the cryptocurrency space, has shed light on another critical aspect of this surge – price manipulation by Korean traders. According to data from etherscan, it has been observed that Korean traders are actively participating in manipulating the price of IMX, which has contributed to its sharp rise.

Today, a staggering 10.95 million IMX tokens, equivalent to $8.1 million, flowed into Upbit from various other cryptocurrency exchanges, including Binance, OKX, Bybit, Cryptocom, Gate, and more. This influx of tokens from different exchanges illustrates the concerted effort by traders to take advantage of the price disparity between platforms and leverage it to their advantage.

As the IMX token continues its bullish run and attracts attention from traders and investors, the crypto community will be closely monitoring the situation. The interplay between Upbit wallet accumulation, price manipulation by traders, and the overall market sentiment will likely continue to shape IMX’s price trajectory in the coming days and weeks.

The post Immutable (IMX) price skyrockets amid increased accumulation by Upbit wallets appeared first on Invezz.

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