Immutable Unveils Record-Breaking Growth, IMX Token Plunges 8%

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As a researcher with a background in blockchain technology and experience in analyzing digital asset markets, I find Immutable’s recent growth in the first half of 2024 to be quite impressive. The platform’s record-breaking number of game partnerships, including that of Netmarble, is a significant step forward for web3 gaming and a testament to the potential of blockchain technology in the gaming industry.

As a researcher studying the blockchain industry, I’m excited to share some noteworthy developments from Immutable, a Layer 2 scaling solution specializing in non-fungible tokens (NFTs) on Ethereum (ETH). In a recent blog post, they announced remarkable progress for the year 2024. Specifically, they mentioned that more than 150 games have joined their platform during the first half of the year, surpassing their previous record for game signings in 2023.

As a crypto investor, I’ve been keeping a close eye on Immutable’s updates, which were revealed in a post on July 7. The company shared insights into its diverse business initiatives and upcoming strategies, even amidst the bearish market conditions. Notably, they announced that over 380 well-funded games have been signed by them. Additionally, they unveiled their new program called “Ecosystem Boost Program” in collaboration with MARBLEX, a gaming platform owned by Netmarble – a South Korean game publisher listed on the stock exchange.

Newly introduced elements encompass The Mystery Society, Ships Battling Subterraneously, Baby Shark’s Expanded Universe, Devomon, and Somnis Rumble Rush.

“Immutable X, a leading player in the region’s mobile gaming industry by market capitalization, is thrilled to support NetMarble’s upcoming plans using our platform. This marks a significant advancement for web3 gaming. In the first half of this year alone, we have surpassed our previous record-breaking achievements from 2023, and there are numerous noteworthy developments happening across our platform,” said Immutable.

Netmarble’s collaboration with the gaming platform involves moving their three popular titles, Ni no Kuni, A3: Still Alive, and Meta World, to Immutable zkEVM. With a user base of over 1 million monthly active players and generating more than $80 million in revenue collectively.

As an analyst, I’ve examined the latest developments with Immutable X, which was launched this year and currently boasts a user base of approximately 2 million people monthly. Notably, the number of sign-ups for the Immutable Passport wallet has experienced a significant increase, reaching around 1.5 million. According to DefiLlama’s data, the TVL in the Immutable zkEVM has already surpassed $14 million since its debut in March.

Beginning on July 9th, Space Nation – the leading web3 MMORPG (Massively Multiplayer Online Role-Playing Game) set in the universe of space – will unveil a limited-edition NFT (Non-Fungible Token) collection for their Crew, in collaboration with Immutable. In other news, the long-awaited debut of Illuvium is scheduled towards the end of July. This game studio and DAO (Decentralized Autonomous Organization) is generating significant anticipation as per the blog post.

Immutable (IMX) Price Plunges

In spite of IMX‘s robust foundations and surprising advancement in 2024, the token experienced a decrease of 8.08% within the past 24 hours. At present, the cost of this cryptocurrency is $1.18, representing an 87.46% decline from its record high of $9.50 reached on November 26, 2021.

As an analyst, I’ve observed some notable price movements for IMX in the recent past. Over the last week, the digital asset experienced a substantial decrease of 25.06%. This downward trend continued over the past 30 days, resulting in a more significant loss of 43.41%. However, it’s important to note that despite these recent setbacks, IMX has shown impressive growth since July 2023. The asset has managed to surge by an impressive 67.21%, with its peak value reaching $3.6 in March 2024. Furthermore, based on the data from TradingView, the Relative Strength Index (RSI) is currently at a reading of 27.21. This figure indicates a considerable amount of selling pressure in the market, which might be a cause for concern for potential investors.

Photo: TradingView

The RSI indicator indicates that the IMX token is presently undervalued, as it’s situated in the oversold zone. This circumstance offers a profitable opportunity for investors to acquire the token at reduced prices. Nevertheless, considering the prevailing bearish market trend, it seems that the required volume of purchases has not yet been achieved to initiate an uptrend.

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2024-07-08 12:00