VanEck Investment Director Bullish on Immutable (IMX) Coin, Expects Top 25 Market Cap Position
VanEck's Chief Investment Officer has expressed confidence in Immutable (IMX), expecting the coin to break into the top 25 in cryptocurrency market capitalization.
Immutable (IMX) volatility due to VanEck's projections. Image: Immutable Website
In a report published yesterday (08/12), VanEck's Chief Investment Officer praised the potential of Immutable as follows:
"IMX has the potential to become one of the top 25 coins by market capitalization as Illuvium, Guild of Guardians, and other games are set to launch in 2024, along with a token offering multiple utility features."
Prediction #10: Remittances will boost blockchain use, with "Bitcoin Staking" on the Lightning Network offering yield opportunities through new, user-friendly staking tools.
— VanEck (@vaneck_us) December 7, 2023
According to VanEck representatives, the upcoming games from Immutable's stable will be the catalyst driving IMX prices higher next year. Immutable serves as a layer-2 solution for NFTs on Ethereum, where the ERC-20 token IMX plays a crucial role as the backbone of the entire ecosystem.
Immediately following these statements, the price of IMX saw a significant spike, with the highest 24-hour increase reaching approximately 8%, rising from $1.48 to $1.60 USD.
1-hour chart of IMX/USDT pair on Binance at 09:30 AM on 09/12/2023
Developed using Unreal Engine 5 and built on the Immutable X blockchain, Illuvium aims to compete with top non-blockchain games. Despite having several game projects in development, Illuvium has not yet released a complete game. The platform has attracted over 380,000 followers on social media (Twitter) and is expected to be a potential contender in the push for Web3 adoption and decentralization.
Vaneck's new prediction saying @Immutable is going to be top 25 project and has multiple AAA games building on them and raring to be launched soon.
— Sandeep | AggLayer 👿 (@sandeepnailwal) December 8, 2023
All of these games come on IMX's @0xPolygon zkEVM! pic.twitter.com/9oNK8ROMYK
VanEck analysts Matthew Sigel and Patrick Bush noted in their report that Illuvium is a standout, propelling Immutable's token price to new heights. They stated:
"Immutable's ecosystem converges multiple exciting AAA games built over several years and backed by over $100 million in investments. These will hit the shelves in 2024 and could attract player bases equivalent to traditional AAA games."
Earlier in November, Immutable also partnered with the renowned game company Ubisoft to strengthen its position in the blockchain gaming sector.
Polygon co-founder Sandeep Nailwal echoed VanEck's report, highlighting Immutable's collaboration with Polygon to develop a layer-2 zkEVM to support games on its platform.
