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The team behind Immutable X, a layer 2 scaling solution for NFTs on Ethereum, has been selling large quantities of $IMX over the past few weeks, according to blockchain data.
22 days ago, Immutable X: Project Development Treasury transferred 47.1 million $IMX tokens, which was worth approximately $27.9 million at the time, to the $IMX team wallet. Since then, the team has moved $IMX tokens to various exchanges and wallets, possibly for sale.
In its last transaction, the team transferred 668,000 $IMX worth $393,000 to cryptocurrency exchange Coinbase. In addition, in another transaction made from the team's cryptocurrency address, 1.03 million $IMX tokens worth $609.012 were moved to a newly created address.
The $IMX price is trading at $0.58 at the time of this writing and is far from the $9.5 price record it set on November 26, 2021.
The Immutable X team did not publicly comment on the reason for selling the $IMX tokens and did not reveal how much $IMX it holds.
*Not investment advice.
cryptoslate.com
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