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The token tied to the crypto gaming giant Immutable surged 15% in the hours after it announced that the US Securities and Exchange Commission closed its investigation into the firm and would take no further action.
The Immutable (IMX) token rose around 15% on March 25 to reach just under $0.74 shortly after the firm announced that the SEC shut its inquiry without any breach of violations, which Immutable said closed βthe loop on the Wells notice issued by the SEC last year.β
IMX matched crypto market downtrend
It is the highest price that IMX has reached since March 3, before a broader market decline β driven by prolonged uncertainty over US President Donald Trumpβs tariffs and US interest rates β pushed it down to $0.46 on March 11.
At the time of publication, IMX had retraced back to $0.67, according to CoinMarketCap. A move back toward $0.70 would wipe approximately $449,500 in short positions, according to CoinGlass data.
While the token price surged on the positive news, it barely moved when Immutable announced in November it had been issued a Wells notice. However, the broader market was already gaining momentum as Trumpβs odds to win the election looked strong in the days before his eventual win on Nov. 5.
Immutable co-founder Robbie Ferguson said in a March 25 X post that the SECβs dropped investigation was βan enormous win for Web3 gaming.β
βAfter a year of fighting, this threat to digital ownership rights has finally been put to rest,β Ferguson said.
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Among the top gaming crypto tokens by market cap, several have seen an upswing over the past 24 hours. Gala (GALA) is up 2.78%, The Sandbox (SAND) is up 3.78%, FLOKI (FLOKI) is up 1.91%, and Axie Infinity (AXS) is up 1.50%.
IMX hit its all-time high of $9.32 in November 2021 during a major rally in gaming tokens. Thereβs been speculation about when gaming tokens will experience another significant uptrend, as theyβve historically surged after the broader crypto market moves first.
However, over the past 30 days, the total market cap of gaming tokens has dropped 3.65% to $13.13 billion, while trading volume has taken a bigger hit, falling 33.45% to $1.75 billion.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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