Immutable X on Fire As IMX Price Explodes

Immutable X is on a strong run. The IMX token has gained about 13% in the past 24 hours and more than 50% over the past week, lifting its market cap above $1.6 billion and putting it among the top crypto gainers right now.

Fresh data from on-chain analytics firm Santiment helps explain the move. Their chart shows that Immutable X had a surge in network growth alongside a sharp drop in the amount of IMX sitting on exchanges. In fact, only 7.33% of the total supply is currently held on exchanges – the lowest level in six months. A shrinking exchange supply often means fewer tokens are immediately available for sale, which can tighten the market and add upward pressure on price.

At the same time, network activity is heating up. Santiment recorded 309 new IMX wallets created in a single day – the highest daily figure since March. Growing wallet creation indicates more participants are joining the ecosystem, which can drive demand and help sustain a rally. Strong wallet growth usually signals that new users are entering and current users are staying active, which can support both daily trading and long-term adoption.

Immutable X has quietly seen its market cap grow over 70% over the past 2 weeks. Metrics to watch are: 309 new $IMX wallets created in one day (highest since March) 7.33% of supply on exchanges (lowest since May) Track the chart here: pic.twitter.com/Lf898BUB8G

— Santiment (@santimentfeed) September 19, 2025

This on-chain momentum lines up with other bullish signals reported recently. A few days ago, we highlighted that a large holder accumulated 4.55 million IMX tokens – about $3.2 million worth – on September 13. That whale purchase coincided with a 23% jump in large transactions and acted as a spark for the current rally. Big buys like this often indicate strong confidence that prices can climb higher and that the project’s fundamentals are solid.

Immutable X is well known as a layer-2 scaling solution for NFTs and Web3 games, and these sectors have shown signs of life again in recent weeks. Renewed interest in gaming and NFT platforms could be encouraging both retail buyers and long-term investors to accumulate IMX. If network activity continues to expand while exchange supply remains low, the buying pressure could persist.

Altogether, the picture looks positive for Immutable X. A rising number of new wallets, a six-month low in exchange supply, and significant whale accumulation all point to growing demand and reduced sell pressure. While short-term volatility is always possible, these on-chain fundamentals suggest that IMX’s recent rally may have more room to run and that the project is gaining strong traction in the broader crypto market.

Read also: Why Selling XRP Could be the BIGGEST Mistake You Made; Analyst

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