IMX Soars on SEC Probe Closure

Immutable X's (IMX) token experienced a significant price surge, jumping 15% on March 25th following the announcement that the U.S. Securities and Exchange Commission (SEC) had closed its investigation into the company without finding any violations. This closure resolves the Wells notice issued by the SEC last year.

IMX Price Action and Market Context

The price briefly touched $0.74, its highest point since March 3rd, before a broader market downturn impacted the price. At the time of writing, IMX has retraced slightly to $0.67 (according to CoinMarketCap). CoinGlass data suggests a return to $0.70 could trigger a significant liquidation of approximately $449,500 in short positions.

While the positive news sparked the price surge, the initial Wells notice in November had minimal impact on the token price. This is likely due to the overall market momentum at the time.

Impact on the Web3 Gaming Sector

Immutable co-founder Robbie Ferguson hailed the SEC's decision as a significant win for Web3 gaming, stating that it resolves a threat to digital ownership rights. Other gaming tokens also saw modest gains in the past 24 hours. GALA is up 2.78%, SAND 3.78%, FLOKI 1.91%, and AXS 1.50%.

While IMX reached an all-time high of $9.32 in November 2021, the broader gaming token market cap has recently declined 3.65% to $13.13 billion over the past 30 days, with trading volume falling even more significantly (33.45% to $1.75 billion).

Disclaimer: This article does not provide financial advice. Conduct thorough research before making any investment decisions.

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