GameStop Dumps IMX Tokens Amid Partnership Announcement

Key Takeaways

  • GameStop has sold nearly 15 million IMX tokens in the past few days.
  • Immutable, the developer of Immutable X, has so far sent around 37.5 million IMX tokens to GameStop, with around 15 million more to come.
  • Yesterday, Immutable announced it had been tapped by GameStop to help build its NFT marketplace.


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GameStop has dumped almost 15 million IMX tokens it had received as part of a development deal with Immutable.

IMX Floods Market

Yesterday, Immutable, the developer of Ethereum Layer 2 scaling solution Immutable X, announced a partnership with GameStop that included building out its NFT marketplace.

As part of the deal, GameStop was set to receive up to $150 million worth of its IMX token in grants upon the completion of certain milestones. Transaction records on Etherscan indicate that GameStop received has received more than 37.5 million IMX tokens over the past four days.

Since then, GameStop has dispensed with 14,989,293 of those tokens.



Over a series of three transactions—two of which took place two days prior to the partnership announcement, and one which took place a few hours after the announcement—GameStop moved the roughly $44 million in IMX to centralized exchanges Binance, Huobi, and OKX.

With a current circulating supply of around 225 million, 15 million IMX tokens represents about 6.5% of the token’s supply.

The flood of IMX tokens onto the market has likely contributed to its sharp price decline in the past day and a half. Following Immutable’s announcement yesterday, the IMX token reached prices of over $4.20, but today the token sits under $3 at press time, representing a 40% price decline. 

Immutable X is a Layer 2 NFT protocol for Ethereum that allows for quick transactions without gas fees. It utilizes zero-knowledge rollups to scale on Ethereum.


In September, Immutable raised $60 million in funding for its Immutable X scaling solution platform. 

Down from its highs of around $380 per share last January, GameStop stock hovers slightly above $100 at press time. It is up around 3% today. 

Disclosure: At the time of writing, the author of this piece owned IMX, ETH, and several other cryptocurrencies. 

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GameStop Dumps IMX Token Amid Partnership Announcement

Key Takeaways

  • GameStop has sold nearly 15 million IMX tokens in the past few days.
  • Immutable, the developer of Immutable X, has so far sent around 37.5 million IMX tokens to GameStop, with around 15 million more to come.
  • Yesterday, Immutable announced it had been tapped by GameStop to help build its NFT marketplace.


Share this article


GameStop has dumped almost 15 million IMX tokens it had received as part of a development deal with Immutable.

IMX Floods Market

Yesterday, Immutable, the developer of Ethereum Layer 2 scaling solution Immutable X, announced a partnership with GameStop that included building out its NFT marketplace.

As part of the deal, GameStop was set to receive up to $150 million worth of its IMX token in grants upon the completion of certain milestones. Transaction records on Etherscan indicate that GameStop received has received more than 37.5 million IMX tokens over the past four days.

Since then, GameStop has dispensed with 14,989,293 of those tokens.



Over a series of three transactions—two of which took place two days prior to the partnership announcement, and one which took place a few hours after the announcement—GameStop moved the roughly $44 million in IMX to centralized exchanges Binance, Huobi, and OKX.

With a current circulating supply of around 225 million, 15 million IMX tokens represents about 6.5% of the token’s supply.

The flood of IMX tokens onto the market has likely contributed to its sharp price decline in the past day and a half. Following Immutable’s announcement yesterday, the IMX token reached prices of over $4.20, but today the token sits under $3 at press time, representing a 40% price decline. 

Immutable X is a Layer 2 NFT protocol for Ethereum that allows for quick transactions without gas fees. It utilizes zero-knowledge rollups to scale on Ethereum.


In September, Immutable raised $60 million in funding for its Immutable X scaling solution platform. 

Down from its highs of around $380 per share last January, GameStop stock hovers slightly above $100 at press time. It is up around 3% today. 

Disclosure: At the time of writing, the author of this piece owned IMX, ETH, and several other cryptocurrencies. 

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Ethereum (ETH), Solana (SOL) and Polygon (MATIC) Will Be Explosive in 2022, According to Altcoin Daily – Here’s Why

Crypto analyst Aaron Arnold thinks Ethereum (ETH), Solana (SOL) and three other altcoins will be “explosive” this year.

The co-host of Altcoin Daily tells his 1.2 million YouTube subscribers that surging interest in non-fungible tokens (NFTs) and decentralized finance (DeFi) is driving his bullishness on a handful of crypto assets.

“[I’m] talking about quality L1s and quality L2s. I’m talking about projects that have real activity going on on the protocol.

These cryptocurrency projects are going to be explosive this year. Why do I say that?

It is because the amount of activity we are seeing in the NFT space, the DeFi space, just continues to go parabolic.”

Leading smart contract platform Ethereum is trading at $3,129.40 at time of writing, down 0.9% in the past 24 hours, while competing smart contract platform Solana is currently trading at $136.58.

Arnold is also bullish on layer-2 scaling solution Polygon (MATIC), which is trading at $2.04 at time of writing, down 2.57% in the past 24 hours.

Next on Arnold’s list is Immutable X (IMX), a scaling solution for NFTs aiming to enable near-instant, zero gas fee transactions. IMX is trading at $3.57 at time of writing, down 4.67% in the past 24 hours.

Arnold also mentions Metis Token (METIS), another layer-2 scaling solution. The 154th-ranked crypto asset by market cap is trading at $282.99 at time of writing.

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These Crypto Assets Have 10X Potential in 2022, According to Altcoin Daily

Crypto analyst and host of Altcoin Daily Austin Arnold is laying out his top crypto picks as the markets try to shake off a sluggish start to the year.

In a new video, the closely followed trader tells his 1.19 million subscribers that he remains interested in Bitcoin (BTC) as an asset despite the massive selloff which the top crypto has undergone since hitting an all-time high above $69,000 in November.

“People are buying the dip from every exchange. Bitcoin is leaving exchanges.

Miners are not selling their Bitcoin, they’re holding onto it.”

At time of writing, Bitcoin is down 2.02% to $42,613.

Next on Arnold’s list is the leading smart contract platform Ethereum (ETH), noting that,

“Ethereum has its own supply shock going on.

Ethereum 2.0 deposit contract has surpassed $30 billion in value. Once [holders] put their ETH in the deposit contract, they can’t take it out again until it is fully transitioned.”

Ethereum is down 2.17% on the day and trading for $3,259.

The show host has his eye on decentralized finance protocol Uniswap (UNI), which recently deployed on fellow layer-2 protocol Polygon (MATIC).

“2022 might be the year of layer-2s.”

Uniswap is valued at $15.61 while Polygon is trading for $2.26.

Another layer-2 the Altcoin Daily host is keen on is Immutable X (IMX), a scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant, zero gas fee transactions.

The altcoin is down 3.24% on the day and priced at $3.55.

Next on Arnold’s list is the open-source platform Tezos (XTZ), which has been racking up corporate partnerships lately. The latest milestone sees apparel giant The Gap releasing NFT collectibles based on the Tezos platform.

“Tezos is certainly an altcoin to watch doing big things.”

Tezos is also down slightly today to $4.18.

Looking at the Internet of Things space, the Altcoin Daily host highlights open-source public blockchain Helium Network (HNT), which recently surpassed the 450,000 hotspot milestone.

Arnold says of Helium,

It is a quality [venture capital]-backed project.”

The altcoin is currently priced at $32.59, down 7.23% on the day.

Enterprise-grade scalable blockchain platform Elrond (EGLD) also makes the list of crypto assets to watch after acquiring Web3 payments provider UTRUST (UTK), which in turn integrated EGLD as a form of payment.

Big win for EGLD.”

Elrond continues the overall daily downtrend and is off by 6.57% to $196.72.

Last on the Altcoin Daily docket is decentralized exchange platform dYdX (DYDX), which the host notes is aiming to achieve full decentralization by the end of this year.

Currently, dYdX is up 2.38% and changing hands for $7.81.

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Crypto Exchange Binance Lists Two Altcoins Built on Ethereum, Triggering Rallies

A pair of crypto assets that facilitate peer-to-peer (P2P) connectivity got a power surge after being listed on crypto exchange giant Binance.

In a new announcement, Binance says that the utility token of Alchemy Pay (ACH), a payment system that serves as a bridge between the crypto and fiat economies, will now be available for trading.

According to the project website, Alchemy Pay serves as “an all-in-one online and offline crypto-fiat gateway service for businesses,” and also enables financial institutions to offer cryptocurrency investment services.

News of the Binance listing sent ACH’s price vertical, leaping 41.5% from $0.065 to $0.092 almost instantly. The altcoin corrected to as low as $0.070 but has since rallied again to $0.084.

Alchemy Pay is currently up 21.4% on the day.

Also getting the green light from Binance is Immutable X (IMX), a layer-2 scaling solution for non-fungible tokens (NFTs) that aims to enable near-instant, zero-gas fee transactions.

IMX is an Ethereum token that can be used for staking on Immutable X, voting on the future of the peer-to-peer protocol, and paying transaction fees.

The project website says,

“We commit zero knowledge (ZK) proofs to Ethereum so users will always be able to verify and withdraw their assets.

Our engine supports over 9,000 transactions per second, a 600x improvement over native limits.”

IMX shot up by 12.8% from $3.75 to $4.23 after the listing announcement but has since retraced considerably. Immutable X fell to as low as $3.40 and is currently trading for $3.68.

Binance says both ACH and IMX will be available in the Bitcoin (BTC), Binance USD (BUSD) and Tether (USDT) trading pairs.

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Coinbase Pro Launches Support for Six New Altcoins, Triggering Massive Price Movements

Six altcoins are riding the valuation roller coaster after a surprise listing by top US crypto exchange Coinbase.

In a new blog post, Coinbase says that five Ethereum tokens and one other altcoin will start trading on Coinbase Pro once appropriate liquidity conditions are met.

The Ethereum token API3 (API3) powers a protocol focused on improving traditional application programming interface (API) technology for the Web 3.0 economy. The native token governs the API3 DAO (decentralized autonomous organization).

News of the Coinbase listing initially sent API3 vertical from $3.60 to $4.98. After some choppy price action, it remains up 41.38% to $5.09.

The Bluzelle (BLZ) decentralized storage network was designed to meet the needs of gamers as the online gaming world incorporates crypto assets and non-fungible tokens (NFTs).

The BLZ token lurched from below $0.27 to $0.37 but has steadily corrected to $0.30 – still up 11.1% on the day.

Gods Unchained (GODS) is a trading card game built on the Ethereum blockchain. The game enables users to earn money from their in-game purchases, with the project website saying,

“If you can’t sell your items, you don’t own them.”

GODS jumped from a daily low of $4.36 to $5.79. After some dramatic price swings, GODS remains up 11.46% on the day at $5.00.

Fellow Ethereum token IMX powers Immutable X, an NFT scaling solution designed to facilitate fast transactions with no gas fees. IMX holders can use their tokens to stake, vote, and pay transaction fees.

The Coinbase Pro listing initially caused IMX to climb from $5.64 to $6.53, but it has since seen a selloff and is about even on the day at $5.48.

Measurable Data Token (MDT) is another Ethereum token being added to the Coinbase roster. The project was built to facilitate the anonymous sharing and monetizing of consumer data.

According to the MDT website,

“The more value your data generates, the more you earn.

We only deal with aggregated anonymous data, which means no personal, identifiable data will be shared.

Your privacy is under our protection.”

The MDT price exploded from $0.06 to $0.10, fighting through waves of buyers and sellers to a daily peak of over $0.12, and currently sits above $0.08.

Lastly, is the decentralized finance (DeFi) protocol Ribbon Finance (RBN). This Ethereum-based project enables crypto asset investors to earn yields on their holdings through a structured products protocol that includes options and fixed income as well as futures.

RBN jumped from $1.82 to $2.20, but has since seen a cascade of up-and-down action, and is currently trading for $1.81.

Coinbase says that each token will be available to trade paired with USD and USDT.

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NFT Projects Enjin, Immutable X Soar Despite Market Dip

Key Takeaways

  • The NFT projects Enjin and Immutable X have posted double-digit gains, with Immutable X hitting a new all-time high today.
  • Enjin is up more than 50% over the last four days.
  • Meanwhile, Immutable X has risen by over 70% within the same period.




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Many Metaverse-themed assets in the crypto market have posted significant gains since Facebook announced it would be rebranding to Meta to focus on building out virtual reality worlds. The NFT-focused projects Enjin and Immutable X are the latest to benefit from the strengthening Metaverse narrative. 

Enjin Pulls Back

Enjin hit a seven-month high today amid growing interest in Metaverse and NFT-related digital assets. 

The NFT coin could now present a buying opportunity for sidelined investors to get back into the market before entering price discovery mode. ENJ has enjoyed a 54% bull rally over the last four days. It climbed from a low of $2.55 on Nov. 16 to hit a high of $3.91 earlier today. While many leading assets have suffered a steep correction this week, ENJ has continued its uptrend to come close to retesting its previous all-time high of $3.94. 

Demand for Metaverse and NFT-related coins has increased since Facebook announced its rebrand to Meta in late October. Other notable gainers in the market include Decentraland’s MANA and The Sandbox’s SAND.


The Tom DeMark (TD) Sequential indicator has now presented a sell signal on Enjin Coin’s daily chart. The bearish formation developed as a green nine candlestick, which is indicative of a one to four four-hour candlesticks correction before the uptrend resume. A spike in profit-taking could validate the short-term pessimistic outlook. 

Enjin Coin US dollar price chart
Source: TradingView

Under such unique circumstances, ENJ could break through the $3.62 support level and test the $3.40 to $3.20 demand wall. The significant interest area may be able to slow down the uptrend and serve as an opportunity for traders to get back into the market. 

As long as the $3.40 to $3.20 level holds, ENJ could rebound to make a new all-time around $4.30 to $4.50. 

Immutable X Could Dip

Immutable X appears bound for a spike in profit-taking after incurring significant gains over the past few days.   



IMX has seen its market value skyrocket by 70% since Nov. 16, reaching a new all-time high of $8.70 today. The milestone took many investors by surprise as the rest of the cryptocurrency market incurred sustained losses within the same period. Now that the token has entered price discovery mode, it could face a brief correction before advancing further. 

The TD setup has flashed a sell signal in the form of a green nine candlestick on IMX’s four-hour chart. Increasing selling pressure around the current prices could push Immutable X toward the 78.6% or 61.8% Fibonacci retracement level. The crucial areas of support sit at $7.90 and $7.30 respectively. 

Immutable X US dollar price chart
Source: TradingView

The $7.30 support level could serve as the “max pain” point for the potential correction. Given the strength of the uptrend IMX has gone through, prices could rebound swiftly after the brief correction. Rising buying pressure at $7.30 could send Immutable X toward a new all-time high of $9.70 or even $10.20. 

Disclosure: At the time of writing, the author of this feature owned BTC and ETH.

This news was brought to you by Phemex, our preferred Derivatives Partner.

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Two Ethereum Scaling Altcoins Are Surging As Bitcoin and Crypto Markets Consolidate

The altcoins for two Ethereum network scaling solutions are continuing to trend upwards despite the overall crypto market correction of the last week.

Scaling solution blockchains are typically second-layer protocols like off-chain layers or side chains built on top of main chains like Ethereum to increase transaction throughput. The Loopring (LRC) platform is one such scaling solution, empowering users to develop Ethereum-based decentralized exchanges (DEXs).

Loopring has seen incredible growth over the last month, increasing in value by approximately 140% over the past two weeks. Despite being down 17% on the week, LRC is trading at $2.67 at time of writing, up 15% over the last 24 hours.

Another scaling solution seeing huge gains today is Immutable X (IMX), the first zero-knowledge rollup (ZK-rollup) for non-fungible tokens (NFTs) on Ethereum. ZK-rollups reduce computing and storage resources for block validation by decreasing the amount of data held in a transaction by bundling hundreds of transfers off-chain, generating cryptographic proof.

IMX, the native token of ZK-rollup platform Immutable X, is currently trading at $6.85, up 28% over the last day and 32% over two weeks.

Both Ethereum scaling solutions aim, in part, to keep transaction costs low and speeds fast on a network known for high gas prices. In the context of crypto, gas refers to the cost necessary to perform a transaction on a given network. Ethereum network gas fees, collected in Ethereum (ETH), continue to be high regardless of the recent market downturn.

At time of writing, the average gas fee associated with swapping a token on Uniswap (UNI), Ethereum’s leading DEX, is $144.63. For many potential blockchain users, these types of gas costs may be considered too high.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Bitcoin (BTC) $ 27,366.33 1.79%
Ethereum (ETH) $ 1,654.79 0.62%
Litecoin (LTC) $ 65.63 0.23%
Bitcoin Cash (BCH) $ 231.54 7.52%