Thursday, September 21, 2023
HomeImmutableXis the NFT platform token a buy?

is the NFT platform token a buy?

Invariant X, Ethereum base Non-substitutable token (NFT) The scaling platform released IMX tokens last month. IMX / USD prices fluctuate six weeks after launch, peak in late November and then return to December. Prices have risen recently, but are below the launch price.

What is Immutable X? In this article, we will look at how the protocol and the new Immutable X cryptocurrency work and analyze the initial forecast of future price trends for coins.

Immutable X facilitates Ethereum NFT transactions

The Immutable X platform was created by Australian-based game developer Immutable and blockchain scaling startup StarkWare, combining StarkWare’s knowledge of layer 2 scaling with Immutable’s understanding of NFTs.

Immutable was founded by entrepreneur James Ferguson, who previously led a software development team at a large e-commerce provider, and his brother Robbie Ferguson, who is also an entrepreneur.society Raised $ 15 million to accelerate the development of our flagship trading card game, Gods Unchained, in a series A round in September 2019. The round was led by technology investment firm Naspers Ventures and the Galaxy Digital EOS VC Fund, run by the blockchain-focused merchant bank Galaxy Digital. Apex Capital Partners also participated.

“Currently, transactions on the Ethereum network are broken,” Immutable’s said. Developer Guide state. “The network currently supports about 150,000 non-fungible token transactions per day with a network utilization of 30%. Transactions can fail and assets are returned to the owner instead of the transaction for processing. The time is inconsistent and can take an hour or more. This is not only annoying to users trying to trade, but can also cause problems for developers building on the network.

“In addition, developers are unable to sustainably create NFTs, making it impossible for projects to properly fund and continue to grow and create more content for their users. The plan is for Immutable X to support more than 200 million transactions per day and consume less than 30% of Ethereum’s capacity. “

Immutable X aims to provide “immediate trading, massive scalability, and zero.” Gas charges Of the project White paper..

Immutable X features a ZK roll-up scaling engine that improves the scalability of the Ethereum blockchain while maintaining the underlying security. The rollup “batches a large number of transactions, generates a” proof of validity “for those transactions, and sends the proof to the L1 smart contract,” he added in a white paper: increase. The Ethereum ecosystem has the potential to be an all-in-one rollup as a scaling strategy for the near and medium future. ”

The Immutable X rollup enables over 9,000 transfers, trades, and NFT mint per second.

Immutable invokes a native IMX token

Immutable X announced the ERC-20 token IMX in July. Introduced a Play to earn A campaign in which players of the Gods Unchained game receive a 10m IMX token distributed as a retrospective stage reward prior to its launch in November and another 40m share distributed as an alpha stage reward.

IMX tokens are designed to accelerate the growth of Immutable X by rewarding users for protocol adoption and transactions, and to help build the NFT ecosystem on the platform.

Users earn points each time they perform an action that benefits Immutable X. The reward pool is proportionally distributed based on the number of points the user holds.

A total of 2 billion IMX token supplies are allocated to ecosystem development, project development, token sales, and Foundation reserves.

IMX supply

IMX has three main uses.

  1. 20% of each transaction fee will be paid by IMX. If the user does not own IMX, that ETH will be automatically converted to IMX.

  2. Transaction fees are sent to the staking reward pool and are prorated among users betting IMX tokens.

  3. Users vote IMX-weighted in protocol governance decisions.

The Immutable X Coin Chart shows that IMX started on November 5th and traded at $ 6.84 when it closed at $ 5.24. The price fell to $ 3.05 on November 8th, but rebounded on November 26th and rose to a new high of $ 9.50. Reach The total locked value (TVL) is $ 250 million.

Cryptocurrency exchange Kucoin announcement We will start listing tokens from November 29th.

By December 6, the price of the IMX had returned to $ 4.50, rising to $ 6.57 on December 9, but falling to $ 3.94 on December 20. The price exceeded the $ 4.50 level on December 22nd.

What do the latest forecasts show about IMX prices in the coming months and years?

Constant performance of immutable X (IMX)

Immutable X (IMX) Price Forecast: Are Tokens Buying and Selling?

Immutable X Technical Analysis from CoinCodex At the time of writing (December 23rd), it was bearish, priced at around $ 4.32, and one indicator showed a bullish signal and 14 “sell” signals.

Simple moving average for 3-21 days (SMA) And exponential moving average (EMA) It was bearish with the Stochastic Relative Strength Index (RSI) and the volume-weighted moving average. The hull moving average signaled a “buy”, but the average direction index (ADX), Moving average convergence divergence (MACD) And the relative strength index (RSI) It remained neutral.

According to the data, technical support ranged from $ 4.40 to $ 4.18 and resistance ranged from $ 4.62 to $ 4.84.

CoinCodex predicted that the value of the immutable x-coin would rise 1.87% to $ 4.40 by December 28th.

in the meantime, Wallet investorThe price forecast for immutable X tokens is bearish in the short term and IMX predicted that it could fall to $ 2.878 by the end of the month. Tokens were expected to further decline in 2022, reaching $ 2.504 at the end of the year and dropping to $ 0.426 by the end of 2023. However, algorithm-based forecasting sites have predicted that prices will rise to $ 0.695 by the end of 2024 and may return to the top. From $ 2 to $ 2.149 by the end of 2025.

Government capital We predicted that the price of IMX tokens would collapse to zero by September 2022 and could fall from $ 5.312 at the beginning of the year.

IMX token prediction from Price forecast Although bullish, prices were estimated to average $ 7.24 in 2022 and rise more than 200% to $ 23.09 in 2025. Since then, tokens have risen another 500% to an average of $ 146.60 in 2030.

DigitalCoin The outlook for 2022 averaged $ 6.89, but IMX’s growth was projected to be slower than price forecasts. The average IMX was $ 8.49 in 2025, $ 18.15 in 2028, and peaked at $ 19.38.

It is important to note that the cryptocurrency market remains very volatile, it is difficult to accurately predict the price of a coin in a few hours, and it is even more difficult to make a long-term estimate. .. As a result, analysts and algorithm-based predictors can make mispredictions.

Before making an investment decision, we recommend that you always do your own research, follow the latest Immutable X crypto news, and review the latest market trends, technical and fundamental analysis, and expert opinion. Keep in mind that past performance does not guarantee future returns. And never invest more than you can afford to lose.

Frequently Asked Questions

read more: Cardano Price Forecast: Is it possible to revive ADA after a recent fall?

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Differences between trading assets and CFDs
The main difference between CFD trading and trading assets such as commodities and stocks is that you do not own the underlying asset when trading on CFDs.
You can make a profit even if the market moves in your favor, and you can make a loss if the market moves against you. However, in traditional transactions, you enter into a contract to exchange legal ownership of an individual stock or commodity for money and hold it until you sell it again.
CFD is a leveraged product. This means that you only need to deposit a certain percentage of the full amount of your CFDs to open a position. However, traditional transactions buy the entire asset. In the UK, there is no stamp duty on CFDs, but there is a stamp duty when buying stock, for example.
CFDs attract overnight costs to hold a transaction (unless you use one-to-one leverage). This makes CFDs more suitable for short-term trading opportunities. Stocks and commodities are more commonly purchased and held longer. You may also pay broker fees and commissions when buying and selling assets directly, and you need a place to keep them safe.

Capital Com is a run-only service provider. The materials provided on this website are for informational purposes only and should not be understood as investment advice. The opinions expressed on this page do not constitute a recommendation by CapitalCom or its agents. We make no representations or warranties with respect to the accuracy or completeness of the information contained on this page. If you rely on the information on this page, do so at your own risk.

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