The digital asset associated with the crypto gaming behemoth Immutable spiked by 15% within hours following the announcement that the US Securities and Exchange Commission has concluded its probe into the company and will not pursue any further steps.
The Immutable (IMX) token escalated approximately 15% on March 25, achieving just under $0.74 shortly after the company revealed that the SEC terminated its investigation without any infraction, which Immutable stated finalized “the cycle on the Wells notice issued by the SEC last year.”
IMX aligns with crypto market downtrend
This marks the highest value that IMX has attained since March 3, prior to a larger market downturn — driven by ongoing uncertainty surrounding US President Donald Trump’s tariffs and US interest rates — which caused it to decline to $0.46 on March 11.
At the time of writing, IMX had reverted back to $0.67, according to CoinMarketCap. A rebound toward $0.70 would eliminate approximately $449,500 in short positions, according to CoinGlass statistics.
IMX has increased by 0.34% over the last 30 days. Source: CoinMarketCap
While the token’s value spiked due to the favorable announcement, it saw minimal changes when Immutable disclosed in November that it had received a Wells notice. Nevertheless, the wider market had already begun to build momentum as Trump’s chances of winning the election appeared solid in the days before his eventual victory on Nov. 5.
Immutable co-founder Robbie Ferguson stated in a March 25 X post that the SEC’s abandoned investigation was “a huge victory for Web3 gaming.”
“After a year of contention, this threat to digital ownership rights has finally been resolved,” Ferguson remarked.
Related: Crypto influencer Ben ‘Bitboy’ Armstrong arrested in Florida
Among the leading gaming crypto tokens by market cap, several have experienced a rise over the previous 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 peak value of $9.32 in November 2021 during a significant rally in gaming tokens. Speculation surrounds when gaming tokens will see another major upswing, as they have typically surged after the broader crypto market trends upward.
Nonetheless, over the past 30 days, the overall market capitalization of gaming tokens has decreased by 3.65% to $13.13 billion, while trading volume has faced a larger decline, dropping 33.45% to $1.75 billion.
Magazine: What are native rollups? Complete guide to Ethereum’s latest advancement
This article does not constitute investment advice or recommendations. Every investment and trading action carries risk, and readers should perform their own due diligence prior to making a decision.
