The token associated with the cryptocurrency gaming titan Immutable climbed 15% shortly after it revealed that the US Securities and Exchange Commission concluded its investigation into the company and would pursue no further actions.
The Immutable (IMX) token increased by approximately 15% on March 25, reaching just shy of $0.74 immediately after the firm disclosed that the SEC had terminated its inquiry without identifying any violations, which Immutable stated closed “the loop on the Wells notice issued by the SEC last year.”
IMX mirrored crypto market decline
This is the peak price that IMX has attained since March 3, prior to a wider market downturn—prompted by ongoing uncertainty regarding US President Donald Trump’s tariffs and US interest rates—that caused it to drop to $0.46 on March 11.
At the time this article was published, IMX had retraced to $0.67, as per CoinMarketCap. A rebound toward $0.70 could eliminate about $449,500 in short positions, according to CoinGlass data.
IMX has risen 0.34% over the last 30 days. Source: CoinMarketCap
While the token’s value surged following the favorable news, it showed little movement when Immutable announced in November that it had received a Wells notice. Nonetheless, the overall market was already gaining traction as Trump’s chances of winning the election appeared strong in the days leading up to his eventual victory on Nov. 5.
Immutable co-founder Robbie Ferguson stated in a March 25 X post that the SEC’s dismissal of the investigation was “a monumental victory for Web3 gaming.”
“After a year of battling, this threat to digital ownership rights has finally been resolved,” Ferguson mentioned.
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Among the leading gaming crypto tokens ranked by market capitalization, several have experienced an increase 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 reached its all-time peak of $9.32 in November 2021 during a significant rally in gaming tokens. Speculation surrounds when gaming tokens will witness another substantial uptrend, as they have historically surged following initial movements in the broader crypto market.
However, in the past 30 days, the total market capitalization of gaming tokens has declined by 3.65% to $13.13 billion, while trading volume has experienced a significant drop of 33.45% to $1.75 billion.
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This article does not contain investment guidance or recommendations. Every investment and trading decision carries risk, and readers are encouraged to perform their own research prior to making any choices.
