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Our analysis of the situation
Immutable, a Layer 2 blockchain scaling solution focused on non-fungible tokens (NFTs) on Ethereum (ETH), is making waves in the world of web3 gaming with its commendable growth in 2024. The company recently revealed its unprecedented success in signing 150+ games in the first half of the year, shattering its own previous record from 2023.
In addition to this milestone, Immutable has inked deals with 380+ well-funded games and initiated the ambitious “Ecosystem Boost Program” in collaboration with MARBLEX, a gaming platform by Netmarble, a leading South Korean game publisher. Some of the latest captivating additions to Immutable's roster include The Mystery Society, Ships That Fight Underground, Baby Shark Universe, Devomon, and Somnis Rumble Rush.
An especially thrilling partnership is Immutable's collaboration with Netmarble, where three of the firm’s popular live titles – Ni no Kuni, A3: Still Alive, and Meta World – will be migrating to Immutable zkEVM. Notably, these titles collectively boast more than 1 million monthly active users and have generated over $80 million in revenue.
Furthermore, Immutable’s zkEVM, introduced earlier this year, has garnered an impressive 2 million monthly users, while the Immutable Passport wallet has seen a surge in sign-ups, reaching 1.5 million. The platform's growth is underscored by the fact that the total value locked (TVL) in Immutable zkEVM has skyrocketed to an impressive $14 million, per DefiLlama data.
The future looks promising for Immutable, including the upcoming launch of the limited-edition Crew NFT collection in partnership with Space Nation and the highly-awaited debut of Illuvium, a decentralized game studio and DAO. These developments are sure to solidify Immutable’s position as an influential player in the web3 gaming space.
However, despite the groundbreaking advancements and the record-breaking growth, Immutable (IMX) token has observed an 8.08% drop in the last 24 hours. As of now, the price rests at $1.18, marking an 87.46% decline from its all-time high of $9.50 recorded on November 26, 2021.
The recent decline may raise concerns for investors, especially as the price of IMX has plummeted by 25.06% in the past week and 43.41% in the last 30 days. On a positive note, the digital asset has seen an overall increase of 67.21% since July 2023, reaching a peak of $3.6 in March 2024.
Although the Relative Strength Index (RSI) indicates significantly high selling pressure, the current oversold region presents an enticing opportunity for buyers to capitalize on discounted IMX token prices. Nevertheless, considering the bearish market trend, a comprehensive analysis implies that the buying volume might not be substantial enough to drive an immediate uptrend.
In conclusion, Immutable’s unparalleled growth serves as a testament to its potential in revolutionizing the web3 gaming arena, despite the current challenges faced by the IMX token in the market.
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Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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