- Immutable’s token (IMX) surged 15% after the SEC closed its investigation without taking further action.
- IMX reached its highest price since March 3 before retracing to $0.67, with potential liquidation of short positions if it moves back toward $0.70.
- The broader gaming token market has declined over the past month, with total market cap dropping 3.65% to $13.13 billion.
Immutable token jumped 15% on March 25 following news that the U.S. Securities and Exchange Commission (SEC) had concluded its investigation into the crypto gaming company without taking further action. The price spike carried IMX to nearly $0.74 shortly after the announcement, marking a significant recovery from recent market downturns.
The SEC closure effectively ended concerns stemming from a Wells notice issued to the company last year. Immutable co-founder Robbie Ferguson celebrated the development on social media, describing it as "an enormous win for Web3 gaming. After a year of fighting, this threat to digital ownership rights has finally been put to rest," according to his March 25 post on X.
The price increase represented IMX’s highest level since March 3, before broader cryptocurrency market pressures pushed the token down to $0.46 on March 11. That decline coincided with market uncertainty surrounding potential U.S. tariffs and Federal Reserve interest rate policies.
At publication time, IMX had partially retraced its gains to $0.67, according to CoinMarketCap data. Market analysts note that a return to the $0.70 level could trigger approximately $449,500 in short position liquidations, according to information from CoinGlass.
Interestingly, when Immutable initially received its Wells notice in November, the token price showed minimal reaction. However, this occurred during a period of broader crypto market strength fueled by Donald Trump‘s increasing election prospects ahead of his November 5 victory.
The token remains significantly below its all-time high of $9.32, achieved during the November 2021 gaming token rally. Industry observers continue to speculate on when gaming tokens might experience another major uptrend, as they historically follow broader cryptocurrency market movements.
Other major gaming tokens have also seen modest gains in the 24-hour period, including GALA (GALA) up 2.78%, The Sandbox (SAND) up 3.78%, FLOKI rising 1.91%, and Axie Infinity (AXS) increasing 1.50%. However, these gains come against a challenging backdrop for the gaming token sector overall.
The past 30 days have seen the total gaming token market capitalization decline 3.65% to $13.13 billion, while trading volume experienced a steeper 33.45% drop to $1.75 billion.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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