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Injective Protocol (INJ) Tallies 23% Price Surge In Past 7 Days – Here’s Why

Olowoporoku Adeniyi by Olowoporoku Adeniyi
4 months ago
in Altcoin
Reading Time: 3 mins read

Injective Protocol, a prominent blockchain platform catering to decentralized applications (dApps), has recently gained significant attention due to the notable surge in the price of its native token, injective (INJ). Over the past week, the INJ token has experienced a remarkable growth rate of 23%. 

This surge reflects the growing market interest in the platform and underscores the utility and governance features associated with the INJ token. Serving as a dual-purpose instrument, the INJ token empowers users by offering them utility within the platform while granting them a say in shaping its future through governance mechanisms. 

What’s The Cause Of The Spike?

At the time of writing, the price of INJ stands at $7.83, experiencing a minor 0.9% decline within the day. However, over the course of the week, INJ has demonstrated a commendable increase of 23%. This surge in price is coupled with a circulating supply of $100 million, contributing to the platform’s liquidity and overall market dynamics. The positive market sentiment and a high Total Value Locked (TVL) have been identified as key factors driving the recent price boom for Injective (INJ).

Related Reading: Celsius Sets New Standard: $1 Billion In ETH Staked As Deposits Show No Sign Of Slowing

Exciting developments lie ahead for Injective as it reveals its plans to revamp its proof-of-stake (PoS) delegation mechanism through the Avalon upgrade. This upgrade will introduce an advanced system, incorporating sub-second block times and layer-1 scalability optimizations. By leveraging the Avalon upgrade, Injective (INJ) aims to enhance transaction speed and efficiency, promising a more seamless user experience on the platform.

Injective protocol has experienced a price surge in the past week: source @tradingview
Injective protocol has experienced a price surge in the past week: source @tradingview

The impressive growth of Injective (INJ) and its commitment to innovation through the Avalon upgrade position the project as a notable player in the blockchain industry. With a positive market outlook and advancements on the horizon, Injective (INJ) continues to captivate investors and enthusiasts alike.

What’s Next For Injective (INJ)?

Injective (INJ) is gearing up to revolutionize its decentralized exchange (DEX) by introducing the Avalon upgrade, which promises to deliver improved performance, scalability, and an enhanced user experience. This upgrade is expected to positively impact the price of Injective (INJ), according to analysts who suggest a potential bullish sentiment for the token.

With the Avalon upgrade, Injective (INJ) aims to elevate its DEX to new heights, offering faster and more efficient transactions. Implementing sub-second block times and layer-1 scalability optimizations is poised to attract more users to the platform and drive increased demand for the token.

Related Reading: Floki Inu Gains Momentum As Chinese E-Commerce Giant Recognizes Its Utility

The market outlook for Injective (INJ) appears promising, with analysts predicting a potential price increase. Speculations suggest that the price of INJ could reach $9.74 by the end of 2023, reflecting a bullish sentiment among investors and signaling confidence in the platform’s future growth.

As Injective (INJ) prepares to unlock the full potential of its decentralized exchange with the Avalon upgrade, traders and enthusiasts eagerly anticipate the enhanced performance and scalability it will bring. With positive market predictions, the future looks bright for Injective (INJ) as it aims to solidify its position as a leading player in the blockchain ecosystem.

-Featured image from iStock.com and charts from TradingView.com

Tags: altcoinInjective (INJ)Injective Protocol
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Olowoporoku Adeniyi

Olowoporoku Adeniyi

Olowoporoku ''Crypto Evangelist'' Adeniyi is a crypto educator, content creator, and analyst who is a news reporter for NewsBTC. Adeniyi has an extensive background in the crypto niche and has covered the blockchain space since 2017. He has held several events in the past and written articles ranging from technical analysis to oped pieces. Adeniyi is a lover of financial freedom and preaches the ideals of crypto to promote remittance payment that can help developing countries close the financial inclusivity gap. Adeniyi's an avid lover of football and a Man City supporter. He also owns tokens spread across different crypto ecosystem. You can follow him on twitter @crypevangelist or find his youtube channel for more analysis

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