Injective (INJ) new eyes all time high as Bitcoin rises to $46k.
Injectable ( INJ ) prices are up 14% in the past 24 hours as bulls have crossed above $40. INJ is targeting a new all-time high above $44, the gains are coming as a new high is coming for Bitcoin, with BTC rising to $46k.
The increase in hot pressure has increased the value of the injectable (INJ) significantly. After Bitcoin surged above $45k, most altcoins seem to be springing to life, with the native Ejective token trading up over 14% in the last 24 hours. Transaction volume rose 61 percent to $439 million over the same period.
Meanwhile, Bitcoin price was trading at $46k level, up 4% in 24 hours. BTC hit a record high of $46,165 on crypto exchange Bitstamp as Bitcoin ETF sentiment surged.
The price of INJ increased before the main token launch.
While it is facing a barrier near the all-time high of $44.57 reached on December 24, 2023, there is an impact event in store for the next few days.
Injective is heading towards its final token unlock, according to information shared by Token Unlocks, a tokenomics insights platform.
The popular event will be activated on January 21, 2024, opening 3.66 million INJ worth $152 million (at current prices). This reduces the total circulating supply of injectables to a total supply of 100 million INJ. The unlocked coins account for about 4.3% of the cryptocurrency's circulating supply.
🚨 Final cliff unlocks the alarm 🚨
Mark your calendars for January 21, 2024 $INJ will be fully unlocked (100%).
Get ready for the massive cliff opening.🪙 3.66m tokens💰 $132.4m supply
Allocation: – Advisors: $12.04m – Group: $120.37m $INJ was… pic.twitter.com/EYCyv4hsuC
— Token Unlock (@Token_Unlocks) January 7, 2024
As the injection ecosystem encourages a large flow of tokens, traders can also track overall market sentiment. This is because there is a broader bullish attitude as the industry awaits the approval of spot bitcoin ETFs by the US Securities and Exchange Commission (SEC).
Although prices are likely to decline as new supply injects downward pressure, INJ may benefit from a rallying market. Target price levels among possible price gains include $100 in the short term. On the flip side, an INJ may face a first-degree retrial of less than $20.
At the time of writing, Injectable has traded at around $42.21 – more than 5% from ATH.
