Immutable X (IMX) has seen impressive price gains this past week on the back of an intriguing new partnership before retreating from local highs.

Today, IMX trades at $2.08, up 6% in the last 24 hours and 44% over the past week. Earlier, the token briefly surged to $2.24, adding 20% in a matter of hours. 

Source: CoinStats – Start using it today

The rally comes as Immutable announced integration with fiat on-ramp solution Transak to enable seamless crypto payments in upcoming games. This represents a major adoption drive for digital assets in video games and metaverses, which likely fueled speculator interest.

However, on-chain analytics provider Lookonchain detected that a whale holding $90 million worth of IMX had withdrawn 4.3 million tokens from Binance during this period. 

This whale seems to manage a network of six related wallets, currently holding approximately 40.54 million IMX (approximately $90.8 million). Such large-scale withdrawals from exchanges often indicate a strategic move by investors to secure their assets in private wallets, suggesting a bullish outlook on the coin’s future value or a desire for more control over their holdings.

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When major token holders transfer coins off exchanges into private wallets, this typically signals longer-term conviction rather than short-term trading motivations. Since keeping holdings on platforms like Binance exposes investors to potential security risks, moving to self-custody represents a safer long-term strategy.

The post Why is IMX Price Up By 20%? On-Chain Data Shows Interesting Immutable X Whale Transaction appeared first on CaptainAltcoin.

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