Immutable Unveils Record-Breaking Growth, IMX Token Plunges 8%

UTC by Anisha Pandey · 3 min read
Immutable Unveils Record-Breaking Growth, IMX Token Plunges 8%
Photo: Depositphotos

Despite strong fundamentals and unexpected growth in 2024, the Immutable (IMX) token witnessed an 8% drop in the last 24 hours.

Immutable, a Layer 2 blockchain scaling solution focused on non-fungible tokens (NFTs) on Ethereum (ETH), has unveiled record-breaking growth for 2024. In a blog post, the project revealed that it had signed 150+ games just in the first half of the year, breaking its record for the number of games signed in 2023.

The post, shared on July 7, shed light on the various business ventures of Immutable and future plans amid a bearish market. The platform stated that it has signed a total of 380+ well-funded games and is launching the “Ecosystem Boost Program” with MARBLEX, a gaming platform by Netmarble, a South Korean listed game publisher.

The latest additions include The Mystery Society, Ships That Fight Underground, Baby Shark Universe, Devomon, and Somnis Rumble Rush.

“NetMarble is the largest mobile gaming company by market cap in the region, and we are excited to power their future roadmap on our platform. This is a huge step forward for web3 gaming. And in just the first half of this year, we’ve already surpassed our record-breaking figures from 2023, and there are many more highlights across the platform,” said Immutable.

The gaming platform’s partnership with Netmarble includes transferring the firm’s three live titles onto Immutable zkEVM. These titles include Ni no Kuni, A3: Still Alive, and Meta World. Notably, the three games already have more than 1 million monthly active users and $80 million+ in revenue.

The Immutable zkEVM, which debuted earlier this year, has 2 million monthly users, and the Immutable Passport wallet sign-ups have also spiked. The wallet has 1.5 million sign-ups. According to the data from DefiLlama, the total value locked (TVL) in the Immutable zkEVM has already reached $14 million after debuting in March.

On July 9th, Space Nation, the largest web3 MMORPG space universe, will debut the limited-edition Crew NFT collection in partnership with Immuntable. Also, at the end of July, the highly-anticipated decentralized game studio and DAO, Illuvium, will make its debut, as per the blog post.

Immutable (IMX) Price Plunges

Despite strong fundamentals and unexpected growth in 2024, the Immutable (IMX) token witnessed an 8.08% drop in the last 24 hours. At the time of writing, the price of the altcoin stands at $1.18, 87.46% down from its all-time high of $9.50 witnessed on November 26, 2021.

The price of IMX dropped 25.06% in the past week and 43.41% in the past 30 days. However, the digital asset is up 67.21% since July 2023, peaking at $3.6 in March 2024. Also, as per TradingView, the Relative Strength Index (RSI) is valued at 27.21, confirming that the selling pressure is significantly high.

Immutable Unveils Record-Breaking Growth, IMX Token Plunges 8%

Photo: TradingView

The RSI line is currently in the oversold region, which opens a favorable opportunity for investors to buy the IMX token at discounted prices. However, with the overall market being bearish, analysis suggests that the buying volume is not enough for an uptrend.

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