ImmutableX extends recovery despite $69 million IMX token unlock
Source Fxstreet
- ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday.
- IMX circulating supply increased over 2% following the unlock.
- The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
ImmutableX (IMX) price climbs nearly 3% on Friday despite its token unlock, finding some support at the $1.80 region and extending the 7% gain from the previous day. The project, which ranks among the top 15 Ethereum Layer 2 solutions by market capitalization, unlocked 34.19 million IMX tokens on Friday for ecosystem and project development and private sales.
IMX price resists correction despite massive token unlock
ImmutableX’s IMX token held its gains despite the $69 million token unlock on Friday. Typically, token unlock events negatively influence asset prices since they increase the volume of assets under circulation.
IMX unlocked 2.35% of the token’s circulating supply. The unlocked tokens will be used for private sales, ecosystem development and project development, according to Tokenunlocks.
IMX token unlock
Immutable’s layer swap rewards program is likely the driver of the recent IMX gains. On Wednesday, the project announced a rewards program in which users bridge to Immutable zkEVM from any support chain via a faster bridge and get 100% of the fees back. The program is on until April 29.
Immutable @layerswap rewards program is LIVE!
— Immutable (@Immutable) April 17, 2024
Bridge to Immutable zkEVM from any supported chain via https://t.co/wdllZqHpE0 and get 100% of fees back
Only available until 29 April 2024, 00:00 UTC!
Visit https://t.co/VVP7r8IM1z for even more ways to get $IMX rewards! pic.twitter.com/hgHEI5GoJ4
IMX price is $2.06 at the time of writing and climbs nearly 3% in the day. However, ImmutableX’s token declined nearly 20% in the past week amidst the broad marketwide correction in cryptocurrencies.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Bitwise's Matt Hougan Predicts a Crypto Boom in 2026 Amid Current Market Struggles
Gold Price Forecast: XAU/USD recovers above $4,100, hawkish Fed might cap gainsGold price (XAU/USD) recovers some lost ground to near $4,105, snapping the two-day losing streak during the early European session on Friday. The precious metal edges higher on the softer US Dollar (USD). Traders will take more cues from the Fedspeak later on Monday.
Gold price (XAU/USD) recovers some lost ground to near $4,105, snapping the two-day losing streak during the early European session on Friday. The precious metal edges higher on the softer US Dollar (USD). Traders will take more cues from the Fedspeak later on Monday.
Bitcoin slides deeper into red as bears lean on $96,600 wall and eye $90,000Bitcoin extends its decline after failing to reclaim $96,500, trading below $95,000, the 100-hour SMA and a bearish trend line near $96,600; unless bulls can force a decisive close back above $96,600–$97,200, the short-term path of least resistance stays lower, with $92,500, $90,000 and the main $88,500 support zone in focus.
Bitcoin extends its decline after failing to reclaim $96,500, trading below $95,000, the 100-hour SMA and a bearish trend line near $96,600; unless bulls can force a decisive close back above $96,600–$97,200, the short-term path of least resistance stays lower, with $92,500, $90,000 and the main $88,500 support zone in focus.
Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant.
The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year.
Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus.
Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses.
Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.
Gold price (XAU/USD) extends the decline to around $4,030 during the early Asian session on Tuesday. The precious metal edges lower as traders dialed back expectations of a US interest rate cut next month.
