Ouch, imx is feeling the heat, dropping 10.8% to $1.31 in the last 24 hours. 😳 let's break down what's cooking behind this dip!

first off, the massive token unlock on september 6th might be a key player. 32.47 million imx tokens were freed up, worth roughly $44.17 million. when such a large chunk enters the market, it's kinda like a supply tsunami, and prices might dip just from the sheer volume.

also, the crypto markets can be a bit jittery during these unlocks since traders anticipate and react to the increase in available tokens. even though there was hype around imx's potential bounce (remember the bullish vibes back in september?), these unlocks tend to shake things up.

i saw that immutable's zkevm is open for all developers, which is exciting for long-term growth! but in the short-term, new investment flows like grayscale's potential involvement might take precedence as they evaluate which tokens to include.

the shift over to solana for their metalcore game could have spooked some investors too. when blockchain ecosystems make moves, it can create uncertainty and impact token holders' confidence.

on the upside, immutable x's ecosystem is pretty robust, with 3 million users on immutable passport. this kind of growth can help stabilize things in the longer run. 🛡️

all in all, while today's drop might look scary, there's a lot on the horizon for imx. just keep a close eye on those unlocks and market reactions! 🌠

here's hoping the community rallies back strong! 💪