The team behind Immutable X, a layer 2 scaling solution for NFTs on Ethereum, has been selling large quantities of IMX over the past few weeks, according to blockchain data.
22 days ago, Immutable X: Project Development Treasury transferred 47.1 million IMX tokens, which was worth approximately $27.9 million at the time, to the IMX team wallet. Since then, the team has moved IMX tokens to various exchanges and wallets, possibly for sale.
In its last transaction, the team transferred 668,000 IMX worth $393,000 to cryptocurrency exchange Coinbase. In addition, in another transaction made from the team's cryptocurrency address, 1.03 million IMX tokens worth $609.012 were moved to a newly created address.
The IMX price is trading at $0.58 at the time of this writing and is far from the $9.5 price record it set on November 26, 2021.
The Immutable X team did not publicly comment on the reason for selling the IMX tokens and did not reveal how much IMX it holds.
*Not investment advice.
