What’s Behind 15% Immutable (IMX) Price Rally Today?

Key Notes

• The SEC’s withdrawal of its inquiry was celebrated as a major win for Web3 gaming, said Immutable co-founder Robbie Ferguson.
• Over the past year, Immutable has achieved notable milestones, including launching zkEVM, surpassing 4.9 million Passport sign-ups, etc.
• The recent development could push IMX price above $1 if macro indicators turn favourable from here onwards .

Immutable native cryptocurrency IMX is up by 15% today after it announced that the U.S. Securities and Exchange Commission (SEC) has closed the investigation and would no longer pursue legal actions ahead

As a result, the Immutable price made quick gains all the way to $0.737, with its market cap surging to $1.37 billion, and daily trading volume jumping 120% to more than $120 million. This strong bullish momentum comes soon after

With today’s surge, IMX has recovered almost all of its losses over the past month. Thus, the Immutable cryptocurrency reached its highest levels since March 3, just before the broader crypto market downturn. US President Donald Trump’s tariffs and rising macro uncertainty pushed the Immutable price lower to $0.46

Related article: Immutable Unveils Record-Breaking Growth, IMX Token Plunges 8%As of press time, IMX has retraced to $0.67, however, a climb back to $0.70 could liquidate approximately $449,500 in short positions, as per CoinGlass data.

Immutable Overcomes SEC’s Legal Challenges

Just ahead of the US Presidential elections in November 2024, Immutable announced that it secured a Wells Notice from the US SEC over violations regarding the securities laws. However, this recent withdrawal of the case by the securities regulator has come as a big win for Immutable, and the overall Web3 industry. Following yesterday’s development, Immutable co-founder Robbie Ferguson wrote:

“The SEC has now officially dropped its inquiry into Immutable, with no enforcement action to be taken. This is an enormous win for web3 gaming – after a year of fighting, this threat to digital ownership rights has finally been put to rest”.

He further stressed the transformative potential of Web3 for the global gaming community, highlighting its ability to address digital ownership challenges.

Ferguson added:

“There are 3.5 billion gamers in the world, and Web3 solves the problem of digital ownership for them, with real utility and product-market fit.”

He added that the recent progress would pave the path for onboarding gamers to blockchain-based ecosystems, however, he noted that it is still in the early stages

Immutable Co-Founder Highlights Milestones amid Regulatory Challenges

Robbie Ferguson reflected on the company’s significant achievements over the past year despite facing a Wells Notice. In a statement, Ferguson outlined key milestones, including:

• Launching zkEVM, now the 11th most popular blockchain globally.
• Introducing Passport, which has surpassed 4.9 million sign-ups.
• Securing partnerships with three multi-billion-dollar companies.
• Doubling the number of games on the platform to over 500.

“We’re excited to now truly accelerate,” Ferguson stated, emphasizing Immutable’s momentum and commitment to advancing its ecosystem

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