The IMX token, associated with the renowned crypto gaming powerhouse Immutable, witnessed a 15% price surge in the wake of the company’s announcement that the US Securities and Exchange Commission (SEC) has concluded its probe and decided not to proceed with any further action. Immutable declared that the SEC’s investigation, initiated by a Wells notice issued last year, has been officially shut down with no violations detected, sparking a notable rally in the value of the IMX token.
On March 25, IMX experienced a significant rise, hitting just shy of $0.74, its highest price since March 3, before a widespread market slump – largely attributed to persistent concerns over US tariffs under President Donald Trump’s administration and the state of US interest rates – pushed it down to $0.46 on March 11.
As of press time, IMX had adjusted back to $0.67, as per CoinMarketCap. A push back towards $0.70 could potentially liquidate roughly $449,500 in short positions, based on data from CoinGlass.
Interestingly, when Immutable first received the aforementioned Wells notice from the SEC in November, the IMX token price didn’t show any noticeable reaction, likely due to the broader market gaining momentum ahead of Trump’s successful election outcome on November 5.
Immutable’s co-founder Robbie Ferguson expressed in a X post on March 25 that the SEC’s decision to drop the investigation represents “a massive victory for Web3 gaming.” He further added, “After a year of struggle, this threat to digital ownership rights has finally been eliminated.”
A number of top gaming crypto tokens by market cap have recorded growth over the last 24 hours. Gala (GALAUSD) is up by 2.78%, The Sandbox (SANDUSD) by 3.78%, FLOKI (FLOKI) by 1.91%, and Axie Infinity (AXSUSD) by 1.50%.
IMX recorded its peak price of $9.32 in November 2021 during a significant gaming tokens rally. Although there’s been talk about when gaming tokens might see another major uptick, history suggests they usually surge after the broader crypto market makes the initial move.
However, in the past month, the overall market cap of gaming tokens has decreased by 3.65% to $13.13 billion, while trading volume has taken a more substantial blow, plunging 33.45% to $1.75 billion.
Please note, this article is not intended to provide investment advice or recommendations. Every investment and trading decision carries risk, and readers are advised to conduct thorough research before making a decision.
