Immutable X Price Prediction 2024: Can New ZkEVM Boost IMX?

Key Takeaways

• IMX is the native token of the game-focused Immutable blockchain.
• Immutable has launched a zkEVM to help developers.
• Can IMX cash in on this news?
• One Immutable X price prediction says it can reach $6.89 next year.

Billed as a Web3 gaming platform to power NFTs and in-game transactions, Immutable X (IMX) has become the go-to platform for titles, including Gods Unchained and Guild of Guardians.

By focusing exclusively on the gaming and NFT market, Immutable X has even attracted projects that were previously hosted on other chains. For example, after the collapse of the Luna stablecoin in 2022, Tatsumeeko, Star Heroes and others abandoned Terra in favor of IMX.

Meanwhile, games like Delysium and Ember Sword have migrated to Immutable from Polygon.

Game developers got a boost when the network announced it was releasing a zero-knowledge Ethereum Virtual Machine platform in January 2024.

This news came after it signed a partnership with gaming giant Ubisoft in November 2023.

Immutable X did not immediately respond to a request for comment.

But what is Immutable X (IMX)? How does Immutable X work? Let’s see what we can find out, and also take a look at some of the Immutable X Price Predictions that were being made as of January 31, 2023.

Immutable X Price Prediction 

Let’s take a look at some of the Immutable X price predictions that were being made as of January 31 2024. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. 

Immutable X Price Prediction for 2024

DigitalCoinPrice  said IMX could reach $4.10 in 2024. Bitnation  said it would trade at $4.92. PricePrediction.net  had it at $2.15 this year.

Immutable X Price Prediction for 2025

Moving on, DigitalCoinPrice thought IMX would reach $4.90 next year. Bitnation claimed it would hit $6.89 then. PricePrediction.net said Immutable X would trade at $2.95 in 2025.

Immutable X Price Prediction for 2030

Looking at a more long-term Immutable X price prediction, DigitalCoinPrice said it could trade at $14.77 in 2030. Bitnation thought it would reach $16.73 then. PricePrediction.net’s IMX price prediction said it would be worth $19.84 at the start of the next decade.

Recent Updates from Immutable X

Immutable X announced  its zk-EVM platform in January 2023. The new development allows game makers to make use of smart contracts, computer programs that automatically execute once certain conditions are met.

In the autumn of 2023, IMX’s price climbed above $1 for the first time since May 2022 after Immutable X signed key partnerships with Amazon Web Services (AWS) and Ubisoft.

Ubisoft is expected to develop new Web3 gaming solutions on Immutable, potentially driving millions of gamers to the blockchain.

Meanwhile, the AWS deal could help Immutable onboard some of the many more large and small game studios.

IMX Price History

Let’s now take a look at the Immutable X price history . While past performance should never be taken as an indicator of future results, knowing what the token has done can help give us some very useful context when it comes to either making or interpreting an Immutable X price prediction. 

IMX first came onto the open market in late 2021 and it reached an all-time high of $9.49 on 26 November before it dropped to close the year at $4.85.

2022 was a bad year for crypto in general. It was an even worse one for NFT-related cryptocurrencies, with the market collapsing as the fad died out. IMX dropped below $1 in May, and a series of market crashes left it at $0.3778 at the end of the year. This meant it had suffered an annual loss of more than 90%.

Immutable X in 2023 and 2024

2023 was better for IMX. It rallied early on, climbing past $1 in February and reaching a high of $1.57 on 18 March.

The token then entered a downturn. IMX reached a low of $0.5715 on 15 June in the wake of the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase crypto exchanges. 

Since then, there has been a recovery. IMX peaked at $0.7971 on 14 July. This followed the news that a judge had ruled Ripple’s XRP crypto was not a security if it was being sold on exchanges.

The token then fell. What Musk gave through the Twitter rebrand, he then took away when his SpaceX sold millions of dollars worth of Bitcoin (BTC). The market dropped again and, by September 11, it was worth $0.4829. On September 21 it rallied to $0.7614 and, the following day, it was worth about $0.6565.

It rallied in late 2023, peaking at $2.59 on December 29 and closing the year at $2.13. This meant it rose more than 450% in 2023.

IMX fell slightly in early 2024, spending much of January below $2. On January 31 2024, it was worth about $1.95.

At that time, there were about 1.3 billion IMX in circulation out of a total supply of two billion. This gave the token a market cap of around $2.6 billion, making it the 33rd-largest crypto by that metric.

Immutable X Price Analysis

When Immutable X peaked in December, the Relative Strength Index (RSI) technical indicator said it was overbought. As a result, the price has dipped.

However, a recent recovery from a monthly low of $1.70 on January 23 could be the start of a new uptrend. If that is the case, it could reach $3 in May.

Google Bard AI Price Prediction for Immutable X (as of January 31)

Google’s BardAI platform gave the following price prediction for Immutable X on January 31. Please remember that price predictions are very often wrong, and that artificial intelligence should not be trusted. 

Short-Term (1-3 months):

• Neutral to bearish:
  • Price could dip down as low as $1.8 (10% decrease) due to:
    • Overall market uncertainty: Broader crypto market trends can heavily influence IMX price.
    • Limited adoption: Gaming NFTs still haven’t reached mainstream adoption, impacting transaction volume on Immutable X.
  • Potential upsides are limited to a moderate rebound around $2.5 (+10%) if:
    • Gaming NFT market shows signs of momentum, potentially driven by major releases or partnerships.
    • Positive developments within the Ethereum ecosystem, like the London Hard Fork upgrade, could indirectly benefit Immutable X.

Medium-Term (6-12 months):

• Potentially bullish:
  • Price could reach $3.5 (+70%) fueled by:
    • Increased adoption of gaming NFTs as major publishers and studios embrace blockchain technology.
    • Growth of Immutable X’s ecosystem, attracting more game developers and players.
    • Potential integrations with other prominent blockchain platforms, expanding Immutable X’s reach.
  • Downside risks remain with potential regulatory hurdles or wider market downturns causing a retracement.

Long-Term (3-5 years):

• Highly bullish:
  • Price could potentially reach $10-15 (+400-600%) if:
    • Gaming NFTs become a significant segment of the gaming industry, with Immutable X as a leading platform.
    • Widespread adoption of blockchain technology within gaming and entertainment industries.
    • Expansion of Immutable X’s functionalities beyond gaming, potentially venturing into other NFT applications.
  • Long-term success depends heavily on overcoming technical challenges, navigating evolving regulations, and securing partnerships with major players in the gaming and tech industries.

Important Disclaimers:

• These are just predictions based on current market trends and potential future developments. The actual price of IMX can fluctuate significantly and be influenced by unforeseen events.
• Cryptocurrencies are inherently volatile and risky investments. Never invest more than you can afford to lose.
• Conduct your own research and due diligence before making any investment decisions.

Is Immutable X a Good Investment?

It is hard to say. Although the token has been pretty stable recently, and was even on an upturn at the time of writing, there are still some issues. It is entirely possible that it has benefited from a section of crypto users treating Elon Musk as a kind of prophet. 

It is also worth noting that NFT-related tokens took a beating in 2022. Therefore, it is difficult to tell whether that sector will ever see a recovery. 

As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in IMX.

Will Immutable X go up or down?

No one can really tell right now. While the Immutable X crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in Immutable X?

Before you decide whether or not to invest in Immutable X, you will have to do your own research, not only on IMX, but on other, related, coins and tokens such as Apecoin (APE) and Arbitrum (ARB). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of Immutable X?

Immutable, an Australian tech company founded by James and Robbie Ferguson, founded Immutable X in 2021.

Who Owns the Most Immutable X (IMX)?

On January 31 2024, one wallet held nearly a third of IMX’s supply.

Richest IMX Wallet Addresses

As of January 31 2024, the five wallets with the most Immutable X were:

• 0x971f723194796dbf04dcfe361ed584cae9bf94a0. This wallet, listed as Foundation Treasury: Unlocked, held 666,459,189 IMX, or 33.32% of the supply.
• 0x9ccc2cfc1da5c2623b9ad74dcf01765eae273539. This wallet, listed as Immutable: Project Development Treasury, held 346,153,844 IMX, or 17.31% of the supply.
• 0x237343c10705ae7605850977503e25a8c12851e6. This wallet, listed as Foundation Treasury: Locked, held 298,061,324 IMX, or 14.9% of the supply.
• 0x5fdcca53617f4d2b9134b29090c87d01058e27e9. This wallet, listed as Immutable X: Bridge, held 79,330,522 IMX, or 3.97% of the supply.
• 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet, listed as Binance 8, held 49,129,004 IMX, or 2.46% of the supply.

Fact Box

From the Whitepaper

In its technical documentation, or whitepaper , Immutable X claims to be the first layer 2 scaling solution for non-fungible tokens (NFTs).

It says: “Immutable X is the fastest scaling solution for NFTs ever built, developed with StarkWare’s powerful STARK provider and roll-up technology. 

“The IMX token is the native ERC20 utility token of the Immutable X protocol, which users can earn by conducting pro-network activities such as trading, and which can be used to pay fees, perform governance, or stake on the protocol.”

Immutable X (IMX) Explained

Immutable X  is a platform designed to both make transactions on the Ethereum (ETH) blockchain quicker and to help people create and trade non-fungible tokens (NFTs). 

In other words, it is a layer 2 scaling solution and an NFT trading platform. 

The system has its own native cryptocurrency, known by the ticker handle IMX.

How Immutable X Works

Immutable X takes transactions off Ethereum and carries them out before putting them back on the chain. It also allows people to buy, sell and trade NFTs by using an order book and liquidity pools. 

It funds itself by taking 2% of all NFT sales on the platform.

IMX pays for transactions on the network. Holders can set it as aside, or stake it, in return for rewards. People can also buy, sell, and trade it on exchanges. 

Since Immutable X is based on Ethereum, it is a token, rather than a coin. You might see references to such things as an Immutable X coin price prediction, but these are wrong. 

Immutable X Attention Tracker

Here is a chart for the Immutable X Google search volume for the past 90 days. This represents how many times the term “Immutable X” has been Googled over the previous 90 days.

FAQs 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

About the Author

Peter Henn

Peter Henn has been a journalist since 2005. In that time, he has written for a variety of publishers including the Mail on Sunday and the Daily Express. He has previously covered the world of cryptocurrency for Currency.com and Capital.com, and has also written for ECigIntelligence.com and CBD-Intel.com. A graduate of the University of Liverpool, he is based in the United Kingdom. His hobbies include music, horse racing and performance art.

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