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Immutable X (IMX) is up by over 10% in the last 24 hours, even as the broader altcoin market struggles. IMX is now trading around $3, the highest level in over two years.
With fellow gaming tokens like Meme Kombat (MK) also defying the market downtrend, investors are closely watching for signs of a permanent bullish shift.
Immutable X rising
Immutable X is a layer-2 scaling solution for Ethereum focused on NFTs and blockchain-based games.
By allowing fast and affordable transactions for minting and trading NFTs, Immutable powers some top play-to-earn (P2E) games like Gods Unchained and Guild of Guardians.
The native IMX token has notched $223 million in spot trading volume over the past day, ranking it 27th among all cryptocurrencies.
One of the key catalysts for IMX’s performance, which began in October, is the booming interest in crypto gaming.
According to a recent industry report, the blockchain gaming market is expected reach over $65 billion by 2027.
This valuation represents a CAGR of 70.3% between now and then.
Immutable looks poised to capitalize on this growth.
The crypto market is pulling back
While Immutable is rallying, the crypto market is retracing, the broader altcoin market has pulled back over the last 24 hours.
Bitcoin (BTC) has traded sideways over the past day, while Ethereum (ETH) has dropped 1.34% in the same time frame.
Other major altcoins like BNB, XRP, Cardano, and Avalanche have seen losses of between 1% and 5% in the past day.
These losses have resulted in the total crypto market cap dropping under $1.8 trillion.
However, the Crypto Fear & Greed Index, a widely-used market sentiment indicator, remains firmly in “Greed” territory.
As such, the pullback over the past 24 hours could be a natural correction, especially given the intensity of the bullish momentum last week.
Regardless of the reasons, the sell-off in the past day hasn’t seemed to have an effect on Immutable’s vertical climb.
With the rally showing no signs of slowing, things could be about to get a whole lot better for IMX holders.
Meme Kombat Kombat presale surging
Like Immutable X, Meme Kombat (MK) is on an uptrend, raising over $8.6 million in its presale.
Less than 15% of the allocated tokens remain before Meme Kombat’s presale concludes.
Presently, more than 18,300 people follow Meme Kombat on X .
Followers are drawn by Meme Kombat’s hilarious battle arena, where users can bet on fights between popular internet meme characters.
Featuring the likes of Doge and Pepe the Frog, it uses AI technology to animate each battle – with bet winners receiving more MK.
MK holders can even stake their tokens and generate yields of over 100% per year.
In the future, Meme Kombat’s developers intend to add new characters and game modes to keep the platform fresh.
There are even plans to launch a Meme Kombat NFT collection, although the specifics of the collection are still under wraps.
Ultimately, while investing in early-stage projects always carries risk, the success of Meme Kombat’s presale and its features look promising.
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