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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Injective (INJ) Surges By 19% Following ‘Surprise’ NFT Announcement

Semilore Faleti
Semilore Faleti
1 year ago
3 mins read
Injective

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Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly gainers. 

According to data from CoinMarketCap, Injective’s price gained by 19% in the last seven days boasting of a market performance only beaten by four other tokens – RNDR, AGIX, MASK, and CFX – in the entire top 100 crypto ranking. 

INJ initially began the week trading around a price region of $6.08 and soon recorded consecutive gains and losses before experiencing a price hike on May 17 to hit a market price of $6.7

Following this price boost, INJ showed signs of consolidation for the next two days before starting its current bullish run.

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1 year ago

NFT Surprise Announcement Boosts INJ Price 

Interestingly, the price rally by INJ in the last week appears to be due to an exciting announcement made by the project developers six days ago.

On May 13, the team behind the Injective blockchain tweeted a statement urging the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.”

It might be a good idea to interact with dApps built on Injective or the L1 chain itself.

Make a transfer, trade on a dex built on Injective, bridge assets, stake INJ, etc.

Who knows there might be an NFT related surprise in the works 😉

— Injective 🥷 (@injective) May 13, 2023

This announcement sparked much excitement within the Injective community, which has been represented not just in price but also in the network activity. 

According to a tweet by @Iryna_Everstake, blockchain manager at network validator service Everstake pool, the Injective blockchain recorded a substantial increase in several network parameters over the last week as follows – +688K INJ staked, +470 delegators, +130 new wallets, and +295M in cumulative trading volume. 

The Injective community seems to be following the advice to interact w/ dApps or the chain itself to get ready for an upcoming NFT-related surprise@Injective_ stats over the last 5 days: +688K $INJ staked, +470 delegators, +130 new wallets, +295M in cumulative trading volume 🥷 pic.twitter.com/N9z9aWw5aQ

— Iryna | Everstake 🥷 (@iryna_everstake) May 19, 2023

At the time of writing, INJ is trading around $7.0, having gone up 4.73% in the last day. However, it is worth noting that INJ is down by 13.8% from its value as of a month ago. That said, with a circulating supply of 80 million tokens, INJ has a stunning market cap value of $563.7 million.

Injective

INJ Trading At $7.098 | Source: INJUSD chart on Tradingview.com

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2 years ago

Altcoins End The Week With Massive Whale Movement

Asides from INJ’s impressive performance this week, another talking point for most investors was the unexpected big altcoin transactions that capped off the work week. According to the on-chain analytics platform Santiment, some mid and low-market cap assets recorded whale activity to the tune of eight-figure transactions.

Injective

Source: Santiment

Of these many assets, MTL, POWR, AERGO, and DIAA recorded the biggest transactions, which were $37.89M, $30.74M, $30.23M, and $18.92M, respectively.  That said, Santiment stated that when small assets such as these record such high transactions, they could be up to something and thus are worth investors’ attention.

-Featured Image: injective.com, chart from Tradingview.
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Semilore Faleti
Semilore Faleti

Semilore Faleti

Semilore Faleti is a cryptocurrency writer specialized in the field of journalism and content creation. While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency.

Read more

Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems.

In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others.

In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies.

Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative.

Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information.

Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets.

Outside his work, Semilore possesses other passions like all individuals. He is a big music fan with an interest in almost every genre. He can be described as a “music nomad” always ready to listen to new artists and explore new trends.

Semilore Faleti is also a strong advocate for social justice, preaching fairness, inclusivity, and equity. He actively promotes the engagement of issues centred around systemic inequalities and all forms of discrimination.

He also promotes political participation by all persons at all levels. He believes active contribution to governmental systems and policies is the fastest and most effective way to bring about permanent positive change in any society.

In conclusion, Semilore Faleti exemplifies the convergence of expertise, passion, and advocacy in the world of crypto journalism. He is a rare individual whose work in documenting the evolution of cryptocurrency will remain relevant for years to come.

His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry.

Whether through his meticulous reporting at NewsBTC or his fervent promotion of fairness and equity, Semilore continues to inform, educate, and inspire his audience, striving for a more transparent and inclusive financial future.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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