Islamic Coin Rockets 470% in 24 Hours on Ethiq Launch

Islamic Coin (ISLM) surged more than 470% in 24 hours after the official launch of Ethiq, HAQQ’s Ethereum Layer 2 solution. The price rose from under $0.01 to nearly $0.06 by January 9, marking one of the most dramatic short-term rallies in recent months. The move lifted the token’s market capitalization from $23 million to over $120 million, reestablishing ISLM as a mid-cap asset.

The rally ended a prolonged period of horizontal price consolidation, drawing attention from global investors and traders. ISLM’s performance pushed it to the top of weekly performance charts, signaling renewed momentum for the Shariah-compliant token. However, the sharp move has also heightened scrutiny from critics and regulators.

The technical architecture of Ethiq is positioned as a strategic milestone for HAQQ, offering EVM compatibility, Ethereum security, and modular scalability. This infrastructure is designed to attract Ethereum developers and serve as a revenue engine for the HAQQ network.

Why Did This Happen?

The launch of Ethiq as HAQQ’s Ethereum Layer 2 solution was the primary catalyst for ISLM’s explosive rally. The platform aims to provide a secure and scalable foundation for Shariah-compliant decentralized applications (dApps). This development is expected to increase the utility of ISLM within the HAQQ ecosystem.

HAQQ’s launch of Ethiq was announced via X and described as the “Unified Value Layer.” This framework is intended to anchor liquidity and application development across the network. Institutional-grade security is a core feature, leveraging the robustness of Ethereum while maintaining modularity for scalability.

The project has also benefited from growing interest in Shariah-compliant crypto assets. Ethiq is expected to serve as an economic engine, capturing value from network activity and redistributing it to HAQQ’s community. This mechanism could further drive adoption and long-term utility for ISLM.

How Did Markets Respond?

The market response was swift and significant. ISLM’s price stabilized in the $0.045–$0.05 range after the initial surge, but the overall volume of trading hit $8 million in a single day. This is the highest level of activity for the token in nearly two years.

The surge also translated into a sharp increase in market capitalization. ISLM’s cap jumped from $23 million to over $120 million in just 24 hours. This shift has propelled the token back into mid-cap territory, drawing comparisons to other emerging utility tokens.

Technical indicators show ISLM is currently in overbought territory. The RSI-14 reached over 90, signaling extreme overextension. Analysts are closely watching whether this momentum can be sustained or if a correction is imminent.

What Are Analysts Watching Next?

Analysts are monitoring key technical levels to gauge the sustainability of ISLM’s rally. A critical resistance at $0.086 is in focus, with the $0.055 level seen as a potential support target. Traders are also watching for signs of profit-taking by early buyers.

Despite the strong technical signals, ISLM remains a controversial asset. Critics have raised concerns about past fundraising transparency and regulatory hurdles. Some also question the compatibility of ISLM’s speculative nature with the principles of Islamic finance.

The broader market is also watching how the CLARITY Act might impact the U.S. crypto industry. The bill is set for a Senate markup in January 2026 and could provide regulatory clarity for crypto projects like ISLM.

The success of ISLM’s rally could also influence investor sentiment toward other emerging projects, including XYZVerse, which is preparing a high-stakes listing in January 2026.

The surge in ISLM highlights the potential for rapid price movements in the crypto sector. However, investors must remain cautious due to the project’s controversial history and current overbought conditions. The coming days will be crucial in determining whether this momentum can be maintained or if the market will see a sharp correction.