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GameStop Dumps IMX Tokens Amid Partnership Announcement

By Crypto BriefingCryptocurrencyFeb 05, 2022 11:22PM ET
www.investing.com/analysis/gamestop-dumps-imx-tokens-amid-partnership-announcement-200617202
GameStop Dumps IMX Tokens Amid Partnership Announcement
By Crypto Briefing   |  Feb 05, 2022 11:22PM ET
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GameStop (NYSE:GME) has dumped approximately 6.5% of all IMX tokens on the market.

Key Takeaways

  • GameStop has sold nearly 15 million IMX tokens in the past few days.
  • Immutable, the developer of Immutable X, has so far sent around 37.5 million IMX tokens to GameStop, with around 15 million more to come.
  • Yesterday, Immutable announced it had been tapped by GameStop to help build its NFT marketplace.

GameStop has dumped almost 15 million IMX tokens it had received as part of a development deal with Immutable.

IMX Floods Market

Friday, Immutable, the developer of Ethereum Layer 2 scaling solution Immutable X, announced a partnership with GameStop that included building out its NFT marketplace.

As part of the deal, GameStop was set to receive up to $150 million worth of its IMX token in grants upon the completion of certain milestones. At time of writing, Transaction records on Etherscan indicate that GameStop has received more than 37.5 million IMX tokens over the past four days.

Since then, GameStop has dispensed with 14,989,293 of those tokens.

Over a series of three transactions—two of which took place two days prior to the partnership announcement, and one which took place a few hours after the announcement—GameStop moved the roughly $44 million in IMX to centralized exchanges Binance, Huobi, and OKX.

With a current circulating supply of around 225 million, 15 million IMX tokens represents about 6.5% of the token’s supply.

The flood of IMX tokens onto the market has likely contributed to its sharp price decline at the end of last week. Following Immutable’s announcement Friday, the IMX token reached prices of over $4.20, but Saturday saw the token sit under $3 at press time, representing a 40% price decline.

Immutable X is a Layer 2 NFT protocol for Ethereum that allows for quick transactions without gas fees. It utilizes zero-knowledge rollups to scale on Ethereum.

In September, Immutable raised $60 million in funding for its Immutable X scaling solution platform.

Down from its highs of around $380 per share last January, GameStop stock hovered slightly above $100 at press time. It was up around 3% on the day.

Original Post

GameStop Dumps IMX Tokens Amid Partnership Announcement
 

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GameStop Dumps IMX Tokens Amid Partnership Announcement

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