[Why did Injective’s price suddenly surge by 10%? 】
Injective (INJ) price surged over 10% today, topping $23, showing positive sentiment in the market. The rally was largely driven by South Korea’s top crypto exchange Upbit announcing the listing of INJ, which will allow trading in South Korean Won (KRW) and USDT. This move increases Injective’s liquidity and attracts more investors.
According to the Upbit announcement, INJ trading will begin on October 17, 2024. Upbit has set buying and selling restrictions for this purpose to stabilize market fluctuations. The move took Injective price to a high of $23, although it has since eased back slightly to $22.96.
Injective’s open interest surged 21%, CoinGlass data showed, indicating growing confidence in the cryptocurrency. Experts predict INJ could hit $24 and even surpass its previous all-time high of $52.75.
Positive trends in the overall crypto market, especially Bitcoin’s recent move above $68,000, could further drive prices higher for Injective and other altcoins.
