GameStop sold nearly 15 million IMX, token price plummeted 40%

Yesterday, Immutable, the developer of Ethereum Layer 2 scaling solution Immutable X, announced a partnership with GameStop that includes building an NFT marketplace, as AZCoin News reported.

As part of the deal, GameStop can receive up to $150 million in IMX in grants upon completion of certain milestones. Transaction records on Etherscan show that GameStop received over 37.5 million IMX in the past four days.

Since then, GameStop has distributed 14,989,293 of those tokens.

Source: Etherscan

Through three transactions — two of which occurred two days before the partnership announcement and one a few hours after the announcement — GameStop transferred approximately $44 million in IMX to centralized exchanges Binance, Huobi and OKX.

With a current circulating supply of around 225M, 15 million IMX represents about 6.5% of the supply.

Gamestop’s sale of IMX in the market may have contributed to the sharp price drop over the past day and a half. Following Immutable’s announcement yesterday, IMX has hit a price above $4,2 but today the token is priced at just $3 at press time, representing a 40% drop.

Source: TradingView

According to Etherscan, Gamestop has just received more than 11 million IMX and it is still unclear when the floodgates will reopen.

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