Immutable (IMX) has surged nearly 17% on Thursday, with a remarkable overall increase of 50% over the past week, according to data from CoinGecko. The uptrend follows the Federal Reserve’s recent decision to lower its funds rate, contributing to a positive atmosphere for altcoins, particularly within the realm of crypto gaming.
Ranked 90th among top cryptocurrencies, IMX’s resurgence is noteworthy, especially after it fell below the 100th position earlier this year. This increase is welcomed amidst a turbulent landscape for crypto gaming, where numerous projects reliant on tokens have faced challenges, including shutdowns due to funding deficits and unsustainable economic models. Industry analysts have identified premature token launches as a crucial factor in these failures.
Despite these setbacks, Robbie Ferguson, co-founder of Immutable, expressed optimism about the company’s advancements over the year. He highlighted the distribution of 2.9 million IMX tokens as rewards to users in a recent tweet, a figure that has nearly tripled from just under 1 million tokens disclosed earlier in May.
The company’s efforts to enhance user accessibility have also been significant. Immutable announced a partnership with the Seychelles-based MEXC exchange on August 18, streamlining the process for token transfers directly to Immutable’s zkEVM chain without the need for bridges or swapping platforms. Additionally, Immutable’s collaboration with gaming titan Ubisoft, which was finalized in April, positions IMX as the first platform worldwide enabling Web2 studios to provide crypto rewards to players. Another notable partnership is with South Korean gaming firm NetMarble, established in June, alongside the merger of ImmutableX with Immutable’s zkEVM chain.
This week has witnessed a broader rally in the altcoin market, with other tokens such as Avalanche, Pumpfun, and NEAR Protocol also experiencing double-digit gains. The sentiment shift towards altcoins has been bolstered by the U.S. Securities and Exchange Commission’s (SEC) updated listing standards for commodity-based trust shares, which include crypto exchange-traded products. This regulatory development has the potential to attract capital inflows, encouraging investor interest in ETF launches.
Investment analyst Lai Yuen from Fischer8 Capital explained the SEC’s actions as a means of unlocking investment opportunities for equity investors, although he cautioned that this would not automatically elevate the intrinsic value of altcoins. Despite recent fluctuations in the stock market, Yuen noted that a significant market correction for cryptocurrencies is not anticipated, suggesting a consolidation phase with expectations for further advancements in the sector as the year progresses.
