A platform for non-fungible tokens (NFT) ImmutableX (IMX), $66M worth of IMX for initial private investors altcoin getting ready to unlock and release.
A total of 110 million IMX tokens will be released from vesting, representing more than 5% of the token’s total supply, an ImmutableX spokesperson said.
Vesting is the stock of a company or a cryptocurrency means a period when investors in the project’s token are unable to sell their assets. Once the vesting period expires, investors are allowed to dispose of their holdings, which puts selling pressure on the asset’s price.
Altcoins To Unlock On Nov. 5
According to the firm, unlocking is scheduled for Saturday, November 5, at 16:00 Turkish time.
IMX has been trading at $0.60 recently, meaning these private investors can make a 500% profit on their early investment if they decide to sell.
Robbie Ferguson, co-founder of Immutable, said in an email he shared:
“We don’t see any concerns even if some short-term sell-offs occur regarding this upcoming unlock.
The 30 largest IMX holders, representing 85% of the remaining tokens, have committed to holding their assets, many of which are long-term equity shareholders of Immutable. For the remaining IMX private sellers looking to sell, new investors, including Coinbase and Kenetic Capital, lined up to absorb any selling pressure.”
TokenUnlocks, a website that tracks the unlocking of cryptocurrency tokens, offers slightly different data. According to the site, 255 million IMX tokens will be released from vesting on November 5, accounting for more than 12% of the total token supply.
About 120 million tokens are owned by private investors. The spokesperson said the other 135 million are devoted to project development, and ImmutableX has already committed to re-locking it for at least another year.
*Not investment advice.
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