Can't even hold $0.10 anymore—$IMX is now just about 6% above its all-time low
Current price: $0.0979, down 2.59% in 24h; 24h range: $0.0927–$0.1011. It just hit an all-time low on November 14, with the low right beneath it.
【Project overview】
Immutable is an Ethereum Layer 2 focused on gaming and NFTs. IMX is its native token, used for gas, staking, and governance. Its ecosystem includes two chains, Immutable X and Immutable zkEVM, and focuses on bringing gaming assets on-chain.
【Catalysts】
On November 6, the team announced that Immutable Chain would migrate from a customized Geth fork to the OP Stack architecture in mid-2027, becoming a standard Ethereum Rollup and joining the Optimism Superchain. Block times will drop from 2 seconds to 1 second. But this is still a long way off—it won't happen until mid-2027.
On November 12, the price briefly surged from $0.1137 to $0.1272 in 15 minutes (+11.81%). There was no clear catalyst at the time; the entire move was erased over the next two days, and the token then hit a new all-time low.
【Market data】
Current price: $0.0979 (perpetual), down 2.59% in 24h; range: $0.0927–$0.1011. Binance perpetuals recorded about $5.99 million in 24h volume, with open interest of 27.37 million tokens, worth about $2.68 million. Funding rate: -0.0084%/8h (shorts pay); next settlement is at 04:00 CST this morning.
Market cap: about $88.8 million (ranked #269); FDV: about $196 million. Circulating supply: 904 million / total supply: 2 billion (about 45%). Down 18.23% over 7 days, 39.78% over 30 days, and 74.44% over one year; down about 99% from its all-time high of $9.52.
Market comparison: $BTC $64,555 (-1.82%), ETH $1,805 (-2.19%), SOL $71.07 (-2.82%). IMX is falling alongside the broader market, with a mid-range decline.
【Risks】
The unlock schedule no longer shows selling pressure—Tokenomist and DefiLlama indicate that 100% of tokens have been unlocked, with no further unlocks scheduled. But only 45% of the total supply is circulating, while 51.72% is allocated to the ecosystem. Tokens held by the team and ecosystem remain a potential source of supply; selling pressure doesn't show up on the unlock schedule.
The gaming sector is quiet, and the OP Stack migration isn't due until mid-2027—too far away to help in the near term. After the November 12 spike with no catalyst, the price fell back over the next two days, leaving buyers who chased the rally underwater. Market cap is under $90 million and daily perpetual volume is under $6 million, so liquidity is thin and volatility can be amplified.
【What to watch next】
Whether the $0.0927 low holds and the $0.10 private-sale cost basis can be reclaimed; changes in open interest after the 04:00 CST funding settlement; and updates to the OP Stack migration timeline.
Do you think IMX is forming a base at its all-time low, or is the gaming-chain story already over?
For informational purposes only; not investment advice.
Current price: $0.0979, down 2.59% in 24h; 24h range: $0.0927–$0.1011. It just hit an all-time low on November 14, with the low right beneath it.
【Project overview】
Immutable is an Ethereum Layer 2 focused on gaming and NFTs. IMX is its native token, used for gas, staking, and governance. Its ecosystem includes two chains, Immutable X and Immutable zkEVM, and focuses on bringing gaming assets on-chain.
【Catalysts】
On November 6, the team announced that Immutable Chain would migrate from a customized Geth fork to the OP Stack architecture in mid-2027, becoming a standard Ethereum Rollup and joining the Optimism Superchain. Block times will drop from 2 seconds to 1 second. But this is still a long way off—it won't happen until mid-2027.
On November 12, the price briefly surged from $0.1137 to $0.1272 in 15 minutes (+11.81%). There was no clear catalyst at the time; the entire move was erased over the next two days, and the token then hit a new all-time low.
【Market data】
Current price: $0.0979 (perpetual), down 2.59% in 24h; range: $0.0927–$0.1011. Binance perpetuals recorded about $5.99 million in 24h volume, with open interest of 27.37 million tokens, worth about $2.68 million. Funding rate: -0.0084%/8h (shorts pay); next settlement is at 04:00 CST this morning.
Market cap: about $88.8 million (ranked #269); FDV: about $196 million. Circulating supply: 904 million / total supply: 2 billion (about 45%). Down 18.23% over 7 days, 39.78% over 30 days, and 74.44% over one year; down about 99% from its all-time high of $9.52.
Market comparison: $BTC $64,555 (-1.82%), ETH $1,805 (-2.19%), SOL $71.07 (-2.82%). IMX is falling alongside the broader market, with a mid-range decline.
【Risks】
The unlock schedule no longer shows selling pressure—Tokenomist and DefiLlama indicate that 100% of tokens have been unlocked, with no further unlocks scheduled. But only 45% of the total supply is circulating, while 51.72% is allocated to the ecosystem. Tokens held by the team and ecosystem remain a potential source of supply; selling pressure doesn't show up on the unlock schedule.
The gaming sector is quiet, and the OP Stack migration isn't due until mid-2027—too far away to help in the near term. After the November 12 spike with no catalyst, the price fell back over the next two days, leaving buyers who chased the rally underwater. Market cap is under $90 million and daily perpetual volume is under $6 million, so liquidity is thin and volatility can be amplified.
【What to watch next】
Whether the $0.0927 low holds and the $0.10 private-sale cost basis can be reclaimed; changes in open interest after the 04:00 CST funding settlement; and updates to the OP Stack migration timeline.
Do you think IMX is forming a base at its all-time low, or is the gaming-chain story already over?
For informational purposes only; not investment advice.
