The IMX-Korean Won pair📈, listed on the prominent South Korean exchange Upbit, made a significant impact🔥, contributing nearly 25%🚀 of the total global trading volume. The surge in IMX, the native token of non-fungible token platform ImmutableX, was primarily driven by South Korean traders.
During Asian trading hours, the cryptocurrency experienced a remarkable 35% surge to reach 74 cents, according to data from CoinDesk. In contrast, major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP and Binance Coin (BNB) saw modest declines, trading between 0.5% and 1% lower.
This impressive price rally was accompanied by a significant 22% increase in 24-hour global trading volume, which rose to $556 million. Notably, the IMX-Korean won (IMX/KRW) pair on the South Korean exchange Upbit accounted for nearly 20% of this global activity. This was closely followed by Binance's IMX-tether (IMX/USDT) pair, which contributed 7% of the total volume, according to data from Coingecko.
In addition, the number of active or open positions in perpetual futures contracts tied to IMX jumped a staggering 400% to a record high of 115.42 IMX, equivalent to $80 million. This increase in open interest, coupled with rising prices, is often seen as an indicator of new capital flowing into the market, reflecting growing interest and activity in the IMX ecosystem.
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The current price outlook can be seen as a major success story for Immutable, seeing as it is a mid-cap coin that has traded below the $0.550 price range for a very long time. The trigger has been a major source of speculation on the market, as there has been no major upgrade or partnership unveiled by the core team behind the protocol.
While these may, however, be absent, Immutable has been piloting a lot of ecosystem initiatives that are potentially driving interest in the community across the board. While it unveiled its zkEVM protocol on testnet back in August, it has continued to double down on its core offerings to make game building very seamless for all.
In recent times, Immutable has been championing the global expansion of its products and innovations to new regions. With Japan currently the rendezvous point, the protocol has been seeing enhanced engagement from key technological hubs around the world.
Growing Immutable turnover
Since its inception, Immutable has indeed positioned itself as a vibrant protocol to help advance the evolution of blockchain-based gaming. Over the years, the protocol has been able to double down on its turnover, which has grown as much as 10x with a recent partnership with Polygon.
A lot of emerging innovative platforms like Mintable have also embraced the uniqueness of Immutable to help advance their ultimate growth agenda. With the current outlook, Immutable appears to be growing in the aftermath of its accrued fundamentals.
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