Crypto Whales Accumulate One Specific Altcoin – What’s Happening With the Price?

A surge in large transactions suggests accumulation, even as prices decline. Could this signal a turning point for the struggling asset?

The Immutable X (IMX) altcoin is seeing substantial activity from whales, hinting at potential accumulation despite the token's price decline, according to on-chain analytics firm Santiment.

As the cryptocurrency market continues to ebb and flow, on-chain data can provide valuable insights into the behavior of market participants. One interesting observation is the significant uptick in large transactions for Immutable X (IMX).

According to Santiment's analysis, crypto wallets holding at least 100,000 IMX have collectively acquired 4.55 million tokens over the past three months. This pattern often suggests that deep-pocketed investors, commonly referred to as whales, are preparing for a potential price rebound, accumulating assets at lower levels before an anticipated bullish move.

However, despite this accumulation trend, IMX has struggled to maintain a positive price trajectory. The token has plunged 19% in the last month and remains down 80% over the past year.

Even with listings on major exchanges such as Binance, Coinbase, and Upbit, its market capitalization sits at approximately $1 billion at the time of writing.

Moreover, Immutable X has built a substantial user base, particularly in South Korea, where interest in blockchain gaming remains elevated. A Layer-2 scaling solution for Ethereum, IMX is positioning itself as a key player in the Web3 gaming industry, an area that previously saw explosive growth but has since cooled off.

With whales accumulating tokens at a rapid pace, traders are left wondering: Is this the start of a new accumulation phase that could trigger a price recovery? Or will IMX continue its downward trajectory?

As the market watches closely, IMX investors will be looking for signs of a potential trend reversal. If buying pressure continues, a breakout could be on the horizon.