Immutable X reclaimed $1.50 for the first time since May 2022 crypto crash. On-chain metrics show that declining network growth could slow down a potential IMX price rebound.
Immutable X (IMX) long-term holders appear to have been taking profits since February.
IMX Network is Not Growing
Immutable X (IMX) is a layer-two scaling solution for NFTs on the Ethereum smart contract network. It allows NFT traders and creators to carry out fast transactions at near-zero gas fees.
IMX rose to prominence as global interest in NFTs reignited in early 2023. However, with the NFT boom now cooling, critical on-chain metrics reveal that IMX appears to be struggling to find new demand.
The number of new addresses created on the IMX network has been declining, according to on-chain data from Santiment.
As seen below, network growth peaked along with the price on March 17. Since then, it has declined from 594 to 84 new addresses created…
