GameStop has dumped over 15 million IMX tokens it acquired as part of an Immutable development arrangement.
Immutable, the creator of Immutable X, an Ethereum Layer 2 scaling solution, announced a cooperation with GameStop that involved the development of its NFT marketplace.
GameStop was set to receive up to $150 million in IMX token allocations as part of the agreement if certain milestones were met. According to Etherscan transaction logs, GameStop has received more than 37.5 million IMX tokens in the last four days.
Since then, 14,989,293 tokens have been distributed by GameStop.
GameStop moved the nearly $44 million in IMX to centralised exchanges Binance, Huobi, and OKX over the course of three transactions—two days prior to the collaboration announcement and one a few hours after the announcement. With a current circulating quantity of over 225 million tokens, 15 million IMX tokens account for roughly 6.5 percent of the total supply.
The influx of IMX tokens onto the market is most likely to blame for the token’s rapid price drop during the last day and a half. Following Immutable’s statement yesterday, the IMX token reached a high of $4.20, but it is now trading for less than $3 at press time, a 40% price drop.
It’s a wrap for this story.
