Immutable X Price Prediction 2023: What is Immutable X (IMX)?
What's next for Immutable X?
Key Takeaways
- Immutable X is a cross between an NFT trading platform and a layer 2 scaling solution.
- Its IMX token was one of the accidental beneficiaries of Twitter’s rebranding to X.
- IMX shot up in September thanks to an increase in trading on the South Korean Upbit exchange.
- One Immutable X price prediction says the token could reach $3.45 in two years time.
When Twitter owner, tech billionaire, and apparent crypto enthusiast Elon Musk changed the microblogging platform’s name to X, it had one strange effect.
Cryptocurrencies whose names featured an X went up. In most cases, the businessman had nothing to do with any of the tokens involved. That, however, showed how quick parts of the cryptosphere were to treat Musk’s decisions and utterances as gospel.
One was Immutable X’s IMX token, which managed to hold its price reasonably well at a time of uncertainty.
Although it fell down in August, interest in the South Korean market, coupled with a listing on the CoinCheck exchange, saw it shoot up 35% on September 21.
Bitcoin 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 September 22 2023.
Immutable X Price Prediction
Let’s take a look at some of the Immutable X price predictions that were being made as of September 22 2023. 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.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $1.23 | $2.17 | $6.80 |
| Prediction #2 | $1.68 | $3.45 | $21.69 |
| Prediction #3 | $0.9863 | $2.30 | $5.59 |
First, CoinCodex had a short-term Immutable X price prediction which said the token would fall to $0.6199 by September 27. After that, it said IMX would climb to $0.7322 by October 22. The site’s technical analysis was neutral, with 15 indicators sending bullish signals and 15 making bearish ones.
Immutable X Price Prediction for 2023
DigitalCoinPrice said Immutable X would get to $1.23 this year. PricePrediction.net thought IMX would reach $1.68 and Bitnation said the token would trade at $0.9863 this year.
Immutable X Price Prediction for 2025
PricePrediction.net made an Immutable X price forecast that said the token would reach $3.45 in 2025. Bitnation said it would get to $2.30 then. DigitalCoinPrice said IMX would stand at $2.17 in two years’ time.
Immutable X Price Prediction for 2030
Moving on to a more long-term Immutable X price prediction, Bitnation said the token would be worth $5.59 in 2030. DigitalCoinPrice said it would stand at $6.80 that year. PricePrediction.net made an IMX price prediction that said the token would be worth $21.69 at the start of the next decade.
Recent Updates from Immutable X
On September 21, wallets on the South Korean Upbit exchange started accumulating IMX. This helped the price rise from an opening $0.5526 to an intraday high of $0.7614.
This news came on the same day that Japanese exchange CoinCheck listed the IMX token.
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
So far, 2023 has been a little 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 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.
At that time, there were a little over 1.1 billion IMX in circulation out of a total supply of two billion. This gave the token a market cap of around $768 million, making it the 46th largest crypto by that metric.
Immutable X Price Analysis
IMX climbed by around 300% between November 2021 and March this year, rising from about $0.30 in November to $1.55 before falling down again.
The token has recently gone up and, if it continues to do so, it could signify a new, bigger, uptrend. IMX could reach $0.77 on its way to returning to around $1.55. On the other hand, if it goes dwn, then it might drop as low as $0.38.
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, and 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.
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.
Immutable X was founded in 2021. It was set up by Immutable, an Australian tech company founded by James and Robbie Ferguson.
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 is used to pay for transactions on the network. Holders can set it as aside, or stake it, in return for rewards and it can be bought, sold, and traded 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.
FAQs
Will Immuntable X reach $10?
It might do, but it won’t do it right away. PricePrediction.net thinks IMX will break through $10 by 2029 and DigitalCoinPrice thinks it can get there in 2032.
Keep in mind that IMX reached its highest ever price, $9.49, in November 2021. This means it has never traded above $10 before.
What is Immutable X used for?
IMX is used to pay for transactions on the Immutable X platform. The token can be bought, sold, and traded on exchanges.
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.
