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$INJ Unlocked $139M in Tokens Amidst Market Crash; Presale Buyers Eye $GFOX as Market Tumbles

Altcoins are showing great signs of life. Now that Bitcoin’s ($BTC) moment in the spotlight has ended and the Ethereum ($ETH) rally is taking shape (despite the current market retracement), it is only a matter of time before altcoins start to make those famous daily double-digit gains. But not all altcoins are created equal, and when searching for the best cryptocurrency to buy now investors have to pay attention to tokenomics and token unlocks.

There is a minefield of hidden sell pressure heading into 2024, with more and more major unlocks for leading tokens. Injective ($INJ) unlocked $139 million in tokens of January 21st, which could hamper chances of a strong recovery once the carnage has passed for the broader market. Presale investors are eyeing the Galaxy Fox ($GFOX) presale, betting on deflationary tokenomics this year.

Injective ($INJ) Last Round Of Token Unlocks: $139 Million Of Sell Pressure?

Injective has been among the strongest performers in the final quarters of 2023 and the early parts of this year. However, despite being a top crypto to buy, token unlocks have made investors jittery with a cliff unlock occurring on the 21st of January.

A total of 4.33% of the circulating supply was unlocked, with the bulk going to the team and a portion going to advisors – two of the most likely groups to sell the token. $139 million of sell pressure will be making its way to the Injective order books over the coming weeks, and retail will be the ones charged with absorbing it. That’s a tall order, given the devastation of the market over the past week from Grascale and FTX dumping their $BTC.

Unlocks are always a tough time for price action. The team deserves to enrich themselves after building this top-of-the-line blockchain. Built using the Cosmos SDK, Injective has been custom-built for financial applications, including basic primitives such as an on-chain order book and MEV resistance. Still, this doesn’t change the fact that retail bidders will be the ones buying the team’s bags and eating the loss. 

Galaxy Fox ($GFOX) Presale Crosses $2.9 Million

Galaxy Fox has been attracting increased attention and capital over recent weeks as investors begin to understand the upside of holding deflationary assets in the bull market. Funding recently crossed $2.8 million, and nothing will stop this new hybrid token from smashing the $5 million milestone in the coming weeks. Could it be the best cryptocurrency to buy now in a sea of token unlocks?

The token burn, and fair launch mechanism leveraged by Galaxy Fox have driven most of this engagement as investors wake up to the reality of looming unlocks for almost all of the top ten cryptocurrencies and major altcoins. At the TGE, the majority of $GFOX tokens will be live, and presale participants will own 70%. This distributed ownership ensures no large wallets dumping.

Another leading feature in this ecosystem is staking rewards. Galaxy Fox has implemented a unique taxation system that funds staking payouts, allowing all $GFOX holders to earn yield on a deflationary asset. Early stakers can enjoy passive income while relaxing. The burn ensures a constantly decreasing supply, and this powerful combo is something to watch headed into the bull market.

Deflationary tokens could easily become the breakout stars this year. As demand for tokens increases during the bull market, especially tokens with passive income like $GFOX, and the total supply decreases, it will naturally cause a price spike. More capital chasing fewer tokens is excellent for early holders. 

Closing Thoughts: Experts Overweight Deflationary Tokens In Bull Market

Experts always dive into tokenomics, which is, unfortunately, not something many crypto investors take the time to do. Tokenomics play a massive role in figuring out the best cryptocurrency to buy now, and investors who ignore them put themselves at a disadvantage.

Solid deflationary tokenomics models are already starting to attract a premium, as seen with the recent rise in interest for $GFOX ownership. Get an allocation while it is still undervalued by participating in the presale today!
 

Learn more about $GFOX here:

Visit Galaxy Fox Presale | Join the Community

The post $INJ Unlocked $139M in Tokens Amidst Market Crash; Presale Buyers Eye $GFOX as Market Tumbles appeared first on CoinJournal.

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BIS unveils 2024 strategy: focus on CBDCs and tokenization

  • BIS’s 2024 Strategy Unveiled: CBDCs and Tokenization Key Focus.
  • Project Promissa to digitize Promissory Notes using blockchain tech.
  • Project Aurum advances CBDC privacy in retail payments with HKMA.

The Bank for International Settlements (BIS) is set to make significant strides in digital currency research, emphasizing central bank digital currencies (CBDCs) and tokenization in its 2024 strategy.

The BIS Innovation Hub has outlined a comprehensive program, featuring six new projects, exploring cybersecurity, financial crime, CBDCs, and green finance. Among the key initiatives are the second phase of Project Aurum and the launch of a blockchain-based tokenization project, Project Promissa.

Project Promissa: revolutionizing financial instruments with tokenization

Project Promissa, a collaborative effort involving BIS, the Swiss National Bank, and the World Bank, aims to usher in a new era for financial instruments. Focusing on digitizing promissory notes, a traditional yet paper-based financial commitment, the project leverages blockchain technology to enhance transparency and simplify management.

This proof-of-concept platform is set to revolutionize the handling of promissory notes by digitizing them, aligning with the BIS’s commitment to exploring innovative solutions in the realm of tokenization. The initiative is anticipated to conclude its proof-of-concept phase by early 2025.

Project Aurum: advancing CBDC privacy in retail payments

Building on the success of its wholesale interbank system and retail CBDC prototype in 2022, Project Aurum, conducted jointly by BIS and the Hong Kong Monetary Authority (HKMA), progresses into its next phase.

The project explores the privacy aspects of retail payments using CBDCs. With the HKMA’s achievements in developing a robust foundation for Aurum, the research now delves deeper into understanding the intricacies of privacy in retail CBDC payments. This initiative aligns with the broader BIS strategy, highlighting the pivotal role of CBDCs in the evolving landscape of digital currencies.

BIS’ additional initiatives

Alongside tokenization and CBDC-focused projects, BIS introduces four other initiatives – Project Leap, Project Symbiosis, Project Hertha, and Project NGFS Data Directory 2.0 – addressing cybersecurity, green finance, and financial crime.

These projects underscore BIS’s commitment to a multifaceted approach to shaping the future of financial technology. Additionally, the continued focus on projects like Mandala, Pyxtrail, and Cambridge showcases BIS’s dedication to innovation, automation, and experimentation across diverse aspects of the financial industry.

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OKX and HashKey Group eye partnership to promote crypto innovation in Hong Kong

  • OKX and Web3 technology company HashKey Group are eyeing a strategic alliance targeted at promoting virtual asset innovation and adoption in Hong Kong.
  • Elsewhere, the OKB token plummeted on Tuesday, dipping more than 25% to $39.

Crypto exchange OKX and Web3 technology firm HashKey Group, are looking to partner to promote virtual asset innovation and adoption in Hong Kong.

The companies said in a press release on Tuesday that the partnership will focus on various crypto related programs, including blockchain infrastructure, product development and education initiatives around virtual asset investment. 

OKX and HashKey Group’s efforts will target initiatives that comply with the Hong Kong regulatory framework, according to the announcement.

Notably, OKX and HashKey Group will look to tap into their respective company’s strengths and resources to drive growth across Hong Kong, one of the fastest growing crypto hubs in the world. 

Today’s news comes days after OKX revealed it had secured a VASP license from Dubai’s market regulator VARA.

What is happening with the OKB token?

On Tuesday, the price of OKB, the native token of the OKX crypto exchange, nosedived from above $52 to hit lows of $39. The early morning flash crash pushed the OKB market valuation down by more than $700 million.

While the OKX token has recovered some of the losses, it remains below $50. At the time of writing, it’s trading near $45 and at risk of further declines amid the broader crypto market bleeding.

Regarding the flash crash, OKX CEO Star Xu said in an earlier post on X that the exchange was investigating the crash. He has promised to give an update to the crypto community.

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Masa raises $5.4M in seed round to build a personal data network on Avalanche

  • Masa raised $3.5 million in a pre-seed round in 2022, and the seed funding brings the total to $9.2 million.
  • Masa will use these funds to build its decentralised zk network for personal data on Avalanche.

Masa Network, a platform building a zero-knowledge (zk) data network and marketplace, has raised $5.4 million in its seed round, according to an announcement on Tuesday, January 23.

Anagram, a venture capital platform co-founded by Lily Liu (Solana Foundation President) and Joe Eagan (former Polychain President), led the seed round. Other participants include Digital Currency Group, Avalanche Blizzard Fund, GoldenTree, and OP Crypto among others.

The seed round adds to the $3.5 million Masa raised in a pre-seed funding round closed in 2022. With this funding, the platform has now raised a total of $9.2 million.

Masa plans to use the new capital injection to build its decentralized network for personal data, which it dubs a “decentralized Google.” Per details published today in a Medium post, Masa expects to launch the network as a subnet on Avalanche.

“Masa lets you control and monetize your data on a decentralized marketplace. Own your data, control its use, get paid. The future is data sovereignty. The power is yours with Masa,” Calanthia Mei, co-founder of Masa Network, said.

Since its launch in August 2022, Masa’s zero-knowledge powered data network has been integrated by top crypto projects such as Avalanche, Injective, Celo and QuickSwap.

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Bitcoin, Solana, Pullix price prediction as BTC dives below $40k

  • Bitcoin price has dipped below $40k, extending intraday losses to lows of $38,620.
  • Solana (SOL) is down 10% at the time of writing, trading near $79 as altcoins bleed.
  • Pullix (PLX), a new hybrid exchange in presale, has raised over $4.2 million as it attracts investors.

The cryptocurrency market is mainly red today, with most top altcoins posting price movements that mirror the 4% dive witnessed in the Bitcoin (BTC) market. Per details on CoinGecko, the global crypto market is down 5% to $1.59 trillion as BTC price slipped to lows of $38,620. Solana (SOL) was trading below $80 as bears threatened to pull it further into the woods.

As this happens, both the trading and presale market continue to prove attractive for buying opportunities. Pullix (PLX), a new hybrid exchange token in presale, is among those seeing huge investor interest.

This price prediction article looks at the outlook for Bitcoin and Solana and what that means for PLX.

Bitcoin (BTC) price under pressure below $40k

Amid the broader crypto weakness is the observable pressure that has hit Bitcoin price since the SEC approved spot Bitcoin ETFs and trading commenced on January 11, 2024. 

One of the biggest drivers of the sell-off has been the Grayscale dump that has seen the digital asset manager sell over $2.3 billion worth of BTC to handle GBTC share redemptions.

BTC price reached lows of $38,620 on Tuesday.

FTX, the bankrupt crypto exchange whose affiliate voluntarily dismissed a case against Grayscale, has led the GBTC outflows with over $1 billion. 

While BTC price held above the $40k mark in the wake of the spot ETF-driven pressure, Tuesday’s news that Mt.Gox creditors had confirmed their Bitcoin addresses ahead of a payout, catalysed fresh weakness.

BTC price could now retest lower levels, potentially $35k before establishing a new upside footing. Key to the bullish outlook for the flagship cryptocurrency is the upcoming BTC halving and falling pressure from GBTC dump.

Solana (SOL) price dips below $80

Solana (SOL) was one of the best performing altcoins as 2023 came to a bullish end, with SOL hitting highs above $123.

Meme coin hype and overall growth in the Solana ecosystem saw the token stand out. The altcoin is however back below the psychological $100, extending losses below $80 in the past 24 hours as its value dipped 6%.

While massive profit-taking has fueled the latest dive, repeated rejections at the key level mentioned above has SOL bulls staring at a potential breakdown towards $60. According to crypto analyst and investor Scott Melker (The Wolf of All Streets), SOL prices could revisit the $50 area if things got “ugly.”

Asset manager Franklin Templeton recently shared a bullish outlook for Solana, highlighting key metrics such as DeFi, meme coins and DePIN (Decentralized Physical Infrastructure Networks). 

If Solana bounces and reclaims the psychological level amid the potential bull market, it could become one of the best altcoin performers.

Pullix (PLX) price outlook as presale hits $4.2 million

Pullix (PLX) is set to launch a new hybrid exchange for DeFi, bring a solution to the ecosystem’s liquidity problem as it combines the best of centralized and decentralized exchanges. 

The hybrid exchange model allows Pullix to offer a unified trading platform where traders can leverage institutional-grade liquidity and trading tools while retaining full control over their assets. Apart from being non-custodial, attractive user features include copy trading, 2FA security options and slippage-free trading.

The native utility token PLX will power Pullix’s “Trade-to-Earn” ecosystem, giving holders access to a unique revenue-sharing opportunity where traders can earn a share of the exchange’s daily revenues. For all daily revenue, Pullix will offer 30% to its customers – 50% will be shared via staking rewards and 50% in a token buy back and burn mechanism.

As the platform moves towards its launch after the presale, interest in PLX has skyrocketed. Currently in stage 6 and with PLX presale price at $0.08, investors see an opportunity. Only 19% of tokens available in the current stage remain.

With early adopters likely to see significant returns post-presale when Pullix launches on exchanges, now could be the time to buy PLX. You can get more details on how to go about it on the presale page.

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