Surprisingly, Immutable X is gaining in an unfavorable market. Ecosystem developments from NFT on Ether's Layer 2 scalability protocols have certainly helped its growth.

Unchangeable within one week X

On March 7, L2 Protocol announced a $200 million Series C funding round, which gives Immutable X an overall valuation of $2.5 billion. Since then, its token IMX has made its investors even happier.

The arrival of IMX coincided with the beginning of a rally in the cryptocurrency market, but only later recovered. Well, shortly after hitting an all-time high of $9.30, the cryptocurrency began to fall. By March 6, it had lost nearly 87.68% of its value.

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Invariable X Price Behavior | Source: TradingView – AMBCrypto

The impact on its investors has been quite severe, as most of them entered the market when the price was well above the recent bottom of $1.15.

As a result, 99.5% of the total 17.4k investors on the chain are in the red. This number has fallen as IMX witnessed a 58.3% rally in one week. At the time of writing, trading at $1.80, the rise in token value managed to save 2k (4%) of investors from losses.

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Immutable X Investor Losses | Source: Coinmetrics – AMBCrypto

However, 88% of Immutable X investors continue to suffer.

This is because cottage coins remain vulnerable to price volatility. IMX's volatility did take a dip around March 6. However, it rallied sharply the next day.

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Immutable X Volatility | Source: Coinmetrics – AMBCrypto

In addition, Immutable X is highly correlated with Bitcoin. Since Kingcoin itself is in a constant state of flux, Immutable X may also find itself struggling for stability.

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Invariant X Correlation with Bitcoin | Source: Coinmetrics – AMBCrypto