The price of the native token of the layer-2 scaling solution Immutable X – IMX – has skyrocketed by over 35% in the past 24 hours.

The reason behind the impressive increase remains unknown. However, Lookonchain observed that some investors had accumulated substantial amounts of the asset.

IMX has recently jumped above $0.76, a valuation last seen at the beginning of August. The coin slightly retraced in the past few hours and currently stands at around $0.71 (per CoinGecko’s data).

While the exact factors boosting the price remain undiscovered, the Web3 data analysis tool Lookonchain outlined that several Upbit wallets gobbled up millions of dollars worth of IMX.

1/ The price of $IMX skyrocketed by 35% today.

We noticed that #Upbit wallets were accumulating $IMX.

And investors/institutions were depositing $IMX to exchanges after the price increase. pic.twitter.com/brWNourpoi

— Lookonchain (@lookonchain) September 21, 2023

One investor accumulated approximately $9.5 million in IMX in the past hours and transferred the stash to wallet “0x2F77.” The latter now holds $15 million worth of the token.

Another mysterious user deposited 2 million IMX coins into Binance shortly after the price increase, whereas three separate investors unlocked $2.3 million worth of IMX from the Foundation Treasury Locked wallet. They were “possibly dumping”