According to Cointelegraph, the token associated with crypto gaming leader Immutable experienced a 15% increase in value following the announcement that the U.S. Securities and Exchange Commission (SEC) had concluded its investigation into the company without further action. On March 25, the Immutable (IMX) token rose to nearly $0.74 after the firm revealed that the SEC had closed its inquiry, effectively resolving the Wells notice issued last year.
The IMX token reached its highest price since March 3, prior to a broader market downturn influenced by ongoing uncertainty surrounding U.S. President Donald Trump's tariffs and interest rates, which had pushed the token down to $0.46 by March 11. At the time of publication, IMX had adjusted to $0.67, as reported by CoinMarketCap. A potential rise back to $0.70 could eliminate approximately $449,500 in short positions, according to CoinGlass data. Over the past 30 days, IMX has seen a modest increase of 0.34%, as noted by CoinMarketCap.
Despite the positive news, the token's price remained relatively stable when Immutable disclosed in November that it had received a Wells notice. However, the broader market was already gaining traction as Trump's chances of winning the election appeared strong in the days leading up to his victory on November 5. Immutable's co-founder, Robbie Ferguson, expressed in a March 25 post on X that the SEC's decision to drop the investigation marked "an enormous win for Web3 gaming," emphasizing the resolution of a threat to digital ownership rights.
In the gaming crypto sector, several tokens have experienced an upswing over the past 24 hours. Gala (GALA) increased by 2.78%, The Sandbox (SAND) rose by 3.78%, FLOKI (FLOKI) climbed by 1.91%, and Axie Infinity (AXS) advanced by 1.50%. IMX reached its all-time high of $9.32 in November 2021 during a significant rally in gaming tokens. Speculation continues regarding when gaming tokens might experience another substantial uptrend, as historically, they have surged following broader crypto market movements.
However, over the past 30 days, the total market capitalization of gaming tokens has decreased by 3.65% to $13.13 billion, while trading volume has suffered a more significant decline, dropping 33.45% to $1.75 billion. This article does not provide investment advice or recommendations. All investment and trading activities involve risk, and readers are encouraged to conduct their own research before making decisions.
Catherine
