ImmutableX extends recovery despite $69 million IMX token unlock

• 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.

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$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.

$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.