Crypto Drama: IMX Soars 15% After SEC’s Sudden Change of Heart! 🎉

by

In a most unexpected turn of events, the Immutable native cryptocurrency, IMX, has gallantly surged by a staggering 15% today. This delightful rally follows the announcement that the U.S. Securities and Exchange Commission (SEC) has decided to close its investigation, presumably after realizing that chasing digital coins is about as fruitful as herding cats. 🐱

As a result, the Immutable price has made a swift ascent to $0.737, with its market cap ballooning to a rather impressive $1.37 billion. Daily trading volume has leapt a remarkable 120%, surpassing $120 million. One can only imagine the SEC officials scratching their heads, wondering if they should have invested in IMX instead of pursuing legal action. 🤔

With today’s jubilant surge, IMX has nearly clawed back all its losses from the past month, reaching heights not seen since March 3, just before the crypto market decided to take a nosedive. Ah, the joys of macroeconomic uncertainty, exacerbated by tariffs from none other than former President Donald Trump, which sent the Immutable price plummeting to a dismal $0.46. Who knew politics could be so detrimental to digital currencies? 🙄

As of this very moment, IMX has retraced to $0.67. However, should it manage to scale the heights of $0.70, approximately $449,500 in short positions could be liquidated, according to the ever-reliable CoinGlass data. One can only hope that those shorts are not too attached to their positions! 💸

Immutable Triumphs Over SEC’s Legal Quagmire

In a stroke of good fortune just ahead of the US Presidential elections in November 2024, Immutable announced that it had secured a Wells Notice from the SEC regarding alleged violations of securities laws. However, the recent withdrawal of the case by the securities regulator has been hailed as a monumental victory for Immutable and the entire Web3 industry. Following this delightful development, Immutable co-founder Robbie Ferguson took to social media to express his glee:

“The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken. This is an enormous win for web3 gaming – after a year of fighting, this threat to digital ownership rights has finally been put to rest.”

He further waxed lyrical about the transformative potential of Web3 for the global gaming community, as if he were a modern-day prophet heralding the dawn of a new era in digital ownership.

Ferguson added, with a flourish:

“There are 3.5 billion gamers in the world, and Web3 solves the problem of digital ownership for them, with real utility and product-market fit.”

He did, however, caution that while progress is being made, we are still in the early stages of this grand adventure. One can only hope that the gamers are ready for the ride! 🎢

Immutable Co-Founder Reflects on Achievements Amid Regulatory Turmoil

Robbie Ferguson took a moment to reflect on the company’s significant achievements over the past year, despite the looming specter of a Wells Notice. In a statement that could only be described as optimistic, Ferguson outlined key milestones, including:

  • Launching zkEVM, now the 11th most popular blockchain globally. Who knew that zk could be so trendy?
  • Introducing Passport, which has surpassed 4.9 million sign-ups. Apparently, everyone wants a ticket to the blockchain party!
  • Securing partnerships with three multi-billion-dollar companies. Because why not?
  • Doubling the number of games on the platform to over 500. A veritable cornucopia of digital delights!

“We’re excited to now truly accelerate,” Ferguson declared, emphasizing Immutable’s momentum and commitment to advancing its ecosystem. One can only hope that this acceleration doesn’t lead to a crash! 🚀

Read More

2025-03-26 17:18