# Injective (INJ) Price Hits New Highs as Bitcoin Surges to $46k

Injective (INJ) has seen a significant surge, reaching a new all-time high as Bitcoin climbs to $46,000. INJ’s price has spiked by 14% in the last 24 hours as bulls pushed it above $40. The token’s target now lies above $44, and this increase coincides with Bitcoin’s upward momentum, propelling it to $46k.

The recent boost in Injective’s price comes as the cryptocurrency market shows signs of vigor after Bitcoin’s rise above $45k. INJ’s native token has surged by over 14% within the same period, with trading volume spiking by 61% to reach over $439 million.

Meanwhile, Bitcoin has been trading near the $46k mark, marking a 4% rise within 24 hours. On crypto exchange Bitstamp, BTC peaked at $46,165, driven by increasing sentiment around Bitcoin ETFs.

Injective’s upward movement faces a hurdle near its previous all-time high of $44.57, which was reached on December 24, 2023. However, a significant event looms on the horizon, as the platform is poised for its final token unlock in the coming days.

According to Token Unlocks, a platform providing insights into tokenomics, the final token unlock for Injective is scheduled for January 21, 2024. This event will see 3.66 million INJ, valued at approximately $152 million at current prices, being unlocked. The unlocked coins will increase Injective’s total circulating supply to 100 million INJ, representing about 4.3% of the cryptocurrency’s circulating supply.

As the Injective ecosystem prepares for the influx of tokens, market sentiment is expected to be a crucial factor in the coming days. While the release of new supply may exert downward pressure on the price, INJ could benefit from a bullish market. Price targets amid potential discovery could include $100 in the short term, with a potential retest of primary support below $20.

At the time of writing, Injective is trading at around $42.21, just over 5% off its all-time high.

Source: CoinJournal, Token Unlocks

## FAQs

### What is Injective (INJ)?
Injective is a decentralized finance (DeFi) protocol that enables trading of decentralized derivatives and provides a seamless user experience.

### What is the significance of the token unlock for Injective?
The upcoming token unlock event will see 3.66 million INJ, valued at approximately $152 million, being released, thereby impacting the circulating supply of INJ.

### How has Bitcoin’s performance affected the price of INJ?
The surge in INJ’s price is correlated with Bitcoin’s upward movement, as Bitcoin’s rise to $46k has positively influenced the overall market sentiment and contributed to the increase in INJ’s price.

### What are the potential price levels for INJ amid the token unlock event?
Amid potential price discovery, INJ could target price levels around $100 in the short term. However, the release of new supply may also lead to a retest of primary support below $20.