Injective (INJ) Cryptocurrency sees impressive 900% price increase since the beginning of the year
Since the start of the year, the cryptocurrency known as Injective (INJ) has experienced a remarkable price increase of over 900%, even amidst a general downtrend in the digital currency market.
Despite the comprehensive consolidation observed in the cryptocurrency market since Thursday, the price of INJ remains unaffected. On Friday, it increased by 10% and reached a trading value of $13.15. The current market valuation of the coin is over $1 billion, placing the cryptocurrency at the 44th position based on market capitalization.
Injective approaches historical high amid strong partnerships
The interoperable Layer-1 blockchain, which facilitates the operation of next-generation decentralized finance apps (DApps), is approaching its historical high of $31.40, positioning itself as one of the most powerful cryptocurrencies this year.
The well-known blockchain protocol Injective is supported by Mark Cuban, owner and billionaire of the Dallas Mavericks.
At the time of writing this article, INJ was trading at $13.55, showing a solid increase of 59% in the past week, according to data from crypto market tracker Coingecko.
Injective’s price range reached a peak of nearly $12.8 within 24 hours, representing the highest value observed in almost two years. The token’s price increase cannot be solely attributed to the recent surge in Bitcoin prices.
The rise is also due to Injective’s efforts to strengthen its market position through its relationship with Google and the introduction of a new product by Helix Exchange.
Unlike other blockchains such as Ethereum, Solana, and Cardano, Injective’s focus lies exclusively on the finance industry. It offers developers the tools they need to create dApps for a variety of financial use cases, from lending and savings to derivatives trading and oracles.
The Injective network stands out for its lightning-fast processing speeds and low transaction fees.
Injective Nexus: Official data integration and availability in Google Cloud
The Injective development team announced last week the integration of “Injective Nexus” with Google Cloud. This integration represents a significant development as it allows the larger mainstream world to access core chain data through the Analytics Hub in BigQuery.
The Google team stated in a blog post, “Google Cloud has previously only offered BigQuery datasets for major blockchain networks like Bitcoin and Ethereum […] Now, Injective will be part of this prominent group of Layer-1 chains.”
Meanwhile, a short and medium-term uptrend is confirmed by a golden convergence of exponential moving averages (EMAs) on the daily chart. Additionally, the bullish crossover of MACD lines supports this optimistic sentiment and improves the overall outlook.
Over $400 million has been deployed in INJ, making Injective one of the largest L1 networks.
The implementation of pre-launch futures for upcoming tokens by Helix DEX, a decentralized exchange on Injective, has also attracted significant attention.
Injective has seen a substantial increase in deployed INJ, surpassing the $400 million mark on Monday.
(Note: The content of this website should not be considered investment advice. Investing carries risks, and when you invest, your capital is at risk.)
(Featured image by Kate Trysh/Unsplash)
