IMX/USDT 4-hour chart. Source: TradingView Three reasons for the reversal in IMX include the completion of a $ 200 million Series C funding round, the launch of newfangled projects on the platform and the overall hold pastime in NFTs despite the holocene decline in prices.
IMX raises $200 million in seed funding
Nonfungible token ( NFT ) projects have been hard strive by the price descent across the cryptocurrency ecosystem and the current bearish conditions have spared few tokens from a price crack up. One undertake that is attempting to get stake on on solid beachhead is immutable X ( IMX ), an NFT-focused layer-2 scale solution for the Ethereum network designed to offer near-instant transactions and zero flatulence fees for minting and trade. Data from Cointelegraph Markets Pro and TradingView shows that the monetary value of IMX has climbed 69.6 % since hitting a low of $ 1.09 on March 7 to hit a day by day gamey of $ 1.86 on March 11 .IMX/USDT 4-hour chart. source : TradingView Three reasons for the reverse in IMX include the completion of a $ 200 million Series C funding round, the launch of newfangled projects on the chopine and the overall hold pastime in NFTs despite the holocene refuse in prices. The most impactful development to bring a boost to IMX in March was the successful completion of a Series C funding polish that saw the undertaking raise $ 200 million to invest in blockchain gamble .
1/ major news : we ’ right ascension thrilled to announce @ Immutable has raised $ 200M in Series C funding @ $ 2.5B val .
We ’ ra supercharging our mission to make NFTs mainstream through high-quality blockchain games ( and more ). hypertext transfer protocol : //t.co/mZkrK2PnEj pic.twitter.com/69zbECxlIw— Immutable | $ IMX ( @ Immutable ) March 7, 2022
The fund-raise round was led by the Singaporean state-owned investment firm Temasek and besides included participation from Animoca Brands, Tencent, Arrington Capital and Princeville Capital. IMX intends to utilize the funds raised to develop out its L2 scale solution on Ethereum and scale the immutable Gaming Studio, which hosts democratic games like Gods Unchained and Guild of Guardians. Following this most holocene fund round off, the sum valuation of the Immutable X protocol stands at $ 2.5 billion .
New games launch
The second factor bringing added value to IMX is the addition of modern projects to the protocol which has helped to attract new users to the ecosystem. Some of the late additions include Vy Worlds and Habbo NFT, both of which have conducted airdrops to early adopters as a board to help attract more users .
One of the earth ’ mho oldest on-line bet on communities @ Habbo will be powering @ HabboNFT ’ s future L2 NFT furniture solicitation w/ @ Immutable X
Read more: Mania For Trading Cards Causes Issues
Habbo users will easily entree gas-free & in wide carbon-neutral NFTs
+ MASSIVE scalability w/ Ethereum ‘ s alone security included. pic.twitter.com/6GxlXjjEHA— immutable | $ IMX ( @ Immutable ) February 16, 2022Read more: FFXIV: How to Upgrade Bozjan Armor – Gấu Đây
Offering gasless NFT transactions and a carbon-neutral environment while hush being able to operate on the Ethereum network is an attractive proposal to emerging projects. It will probable continue to attract fresh projects to IMX in the future. Related: Immutable X (IMX) price soars after GameStop partnership and new project launches
The undying popularity of NFTs
A third base part putting the wreathe at the rear of IMX is the ongoing popularity of the NFT sector. The cryptocurrency ecosystem as a whole has been bearish since the start of 2022, leading to falling keepsake prices and reduce interest in big-ticket NFTs. however, data from Dune Analytics shows that the volume of sales on OpenSea is calm near its all time-high. 
OpenSea monthly volume on Ethereum. source : Dune Analytics January and February 2022 saw the highest volumes always traded on OpenSea despite the drawback in the across-the-board commercialize, suggesting that concern and motivation for NFTs remains elevated. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish lookout for IMX on March 9 front tooth to the holocene price rise .
The VORTECS™ Score, individual to Cointelegraph, is an algorithmic comparison of diachronic and current grocery store store conditions derived from a combination of data points including market opinion, trade bulk, holocene price movements and Twitter natural process. 
VORTECS™ Score ( k ) vs. IMX price. beginning : Cointelegraph Markets Pro As seen in the chart above, the VORTECS™ Score for IMX spiked into the green zone on March 9 and hit a high of 81 around 19 hours before the monetary rate increased 29 % over the postdate day. The views and opinions expressed here are wholly those of the generator and do not inevitably reflect the views of Cointelegraph.com. Every endow and trade affect involves risk, you should conduct your own research when making a decision .
