Immutable X is on a strong run. The IMX token has gained about 13% in the past 24 hours and more than 50% over the past week, lifting its market cap above $1.6 billion and putting it among the top crypto gainers right now. Fresh data from on-chain analytics firm Santiment helps explain the move. Their chart shows that Immutable X had a surge in network growth alongside a sharp drop in the amount of IMX sitting on exchanges. In fact, only 7.33% of the total supply is currently held on exchanges – the lowest level in six months. A shrinking exchange supply often means fewer tokens are immediately available for sale, which can tighten the market and add upward pressure on price.