Injective (INJ) Continues To Build Momentum, Jumps Nearly 27% In A Single Week

Opeyemi Sule

1 year ago

3 mins read

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Injective (INJ) has been positive in 2023, racking up a nearly 500% price increase since the turn of the year. This significant rise ranks the cryptocurrency as one of the year’s best-performing assets.

Over the past week, the INJ token has been on an upward trend, adding more than 26% to its value.

Injective Price Records Daily 8% Gain – Price Action

INJ, the native token of the Injective ecosystem, has maintained its recent bullish momentum, registering an 8.3% increase in the last 24 hours. As of this writing, the token is valued at $7.53, according to data from CoinGecko.

However, a broader look at the market reveals that the Injective price has been range-bound for the past few weeks. Since reaching a yearly peak of $9.32, the INJ price has moved mostly sideways, albeit 19.2% from its 2023 high.

With the choppy market condition, it is quite difficult to determine which overall trend is forming. The on-chain indicators seem quite indecisive at the moment. The token rebounds at the $6 price point, acting as a support zone.

INJUSD trading at $7.513 | Source: INJUSD chart from TradingView

The INJ token boasts a market capitalization of nearly $600 million, ranking it the 73rd biggest cryptocurrency. Additionally, the coin has a 24-hour trading volume of roughly $75 million, representing an increase of 131.2% in the past day.

According to the price prediction site CoinCodex, the general sentiment surrounding INJ is currently bullish. The team expects this token to maintain its bullish run and gain a further 13.08% in the next five days to trade at $8.59.

In addition, CoinCodex makes a bold prediction of INJ reaching a market price of $16.72 in the next 30 days, indicating a plausible 126.25% price on the token’s current price.

Injective Protocol Continues To Make Positive Waves

The decentralized Injective protocol has been on an ascent since the start of 2023, evolving in innovation and adoption. These developments have been crucial to the positive sentiment surrounding its token (INJ), contributing to its price growth and the enhanced activity on the Injective blockchain.

On June 23, Injective announced that it had reached its network’s 240 million transaction mark. This is perhaps the most significant evidence of the decentralized blockchain’s growing popularity.

Another of Injective’s recent developments is the Open Liquidity Program (OLP), which launched on the 13th of June. This program allows Injective users to provide liquidity on the protocol’s on-chain orderbook infrastructure while earning INJ rewards. Eligible participants can earn 60,000 INJ tokens within 28 days.

Featured image from Shutterstock, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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