This Whale Sent 5.15 Million Immutable (IMX) to Coinbase: Dump Incoming?

According to on-chain data, a whale has sent their entire IMX bag, worth $11.80 million, to Coinbase. If the whale sells the asset, they would realize a profit of $5.7 million.

Since the October 2023 market rally, IMX has been one of the top performers. In two months, the token’s price has risen by approximately 400%.

IMX Whale Likely to Realize 93% Gains: Spotonchain

The whale wallet, 0x3f2d, first sent over 5.15 million IMX tokens to another fresh wallet — 0x48f3. Finally, 0x48f3 sent those tokens to the Coinbase wallet.

In most cases, investors deposit their funds to centralized exchanges to dump them into the open market. And when investors withdraw their assets from centralized exchanges, they intend to hold them longer.

As per Spotonchain, the whale accumulated these IMX tokens between February 3, 2022, and November 5, 2023. The average price of their purchase was $1.191.

IMX Whale’s PnL Overview. Source: Spotonchain

Read more: What Is Immutable X?

Deposit Surplus 

In the last 30 days, the balance of centralized exchanges has declined by over 500,000 IMX tokens. However, lately, this trend of withdrawal surplus has been changing to deposit surplus. This is because, after an impressive IMX rally, many investors intend to book some profits on their holdings.

The screenshot below shows that in the past 7 days, there has been a deposit surplus of 2.75 million IMX tokens. Moreover, in the last 24 hours, the tokens’ balance on centralized exchanges has risen by over 42,000.

IMX Netflows. Source: IntoTheBlock

Nonetheless, IMX has a significant demand zone between $2.26 to $2.32. The screenshot below shows that over 1290 addresses purchased 47.29 million IMX tokens in this region.

If IMX breaks this support, it can turn into a significant resistance.

IMX In/Out of the Money Around Price. Source: IntoTheBlock

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