Immutable Climbs 10% While Most Gaming Tokens Fall With Bitcoin and Ethereum

When Bitcoin and Ethereum fall, so too do most other major cryptocurrencies. That’s true again today with most prominent gaming tokens as the market tumbled beginning late Sunday. But Immutable’s IMX token is the one big exception, bucking the trend while continuing its recent rise.

The broader market may be down about 5% over the last 24 hours, per CoinGecko, but IMX has climbed a total of 10% during that span to a current price of $2.00. The price did dip briefly late Sunday along with other top tokens, but then quickly rebounded, popping as high as $2.06 early Monday. That’s a 20-month high for the gaming token.

Immutable is an Ethereum gaming platform that’s based around the current Immutable X scaling network, as well as the upcoming Immutable zkEVM network powered by Polygon zkEVM. IMX is now up 41% in the last week alone, pushing the token to an 83% jump in the last 30 days.

Following recent collaboration announcements with Amazon and major game publisher Ubisoft, IMX may have also seen a recent boost following a vote of confidence from investment firm VanEck late last week.

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In a report on crypto predictions for 2024, VanEck suggested that IMX is poised to become a top 25 coin by market cap—it’s currently #31 following recent gains—alongside the release of upcoming games like Illuvium and Guild of Guardians. VanEck also said that Immutable has been “working to resolve many of the technical pain points that have inhibited the success of Web3 gaming so far.”

On Monday, Immutable announced a new collaboration with payments processor Transak to make it the “primary payments partner” for Immutable Checkout on the zkEVM network.

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The only other gaming token on the rise today in the top 200 cryptocurrencies by market cap is Echelon Prime (PRIME), the token of the buzzy NFT trading card game Parallel, which is up 12% over the past 24 hours to a current price of just under $8.00. PRIME, which launched earlier this year, just set an all-time high in late November at $8.93.

Broadly, however, major gaming tokens are down today following weeks of recent gains. The Sandbox (SAND), Axie Infinity (AXS), Illuvium (ILV), and ApeCoin (APE) are each down about 9% over the past 24 hours, while recent riser Ronin (RON) is down nearly 7% to $1.54. Even so, RON is up 93% over the past month.

Edited by Stacy Elliott.