Injective Protocol’s Social Activity Rising: Is INJ About To Explode?
11 Dezember 2023 - 8:00PM
NEWSBTC
According to AlphaScan data on December 12, social media
activity on Injective Protocol (INJ) has steadily increased in the
past day and week. This surge in interest has propelled INJ to the
second-most mentioned token on social media, trailing only Bitcoin
(BTC). Injective Social Media Activity Rising Specifically, data
reveals that INJ received nearly 30% of its weekly mentions in the
past 24 hours alone. Furthermore, 37% of all monthly mentions of
INJ occurred in the past seven days, further highlighting the
growing attention surrounding the project. While this is
impressive for the project, it seems like INJ is also popular,
looking at the very short-term data over the past trading day.
Looking at weekly and monthly mentions, Solana, Avalanche, and
Ethereum are ahead. Related Reading: Crypto Analyst Predicts
Short-Term XRP Price Rally To $18 The uptick in Injective
Protocol’s social activity also coincides with expanding prices.
Based on Alpha Scan data, INJ has outpaced Bitcoin and other top 10
crypto assets in the last data. If the spike in social activity is
behind rising prices, INJ may likely extend gains in subsequent
sessions. From the INJ daily chart, the coin is at 2023 highs,
ripping even higher. As it is, the coin is within a bullish
breakout formation, comprehensively easing past November 2023
resistance levels. Of note, the rally is with expanding trading
volumes, meaning the leg up is supported and could continue,
further drawing more social activity to the project.
Injective Protocol is a decentralized exchange (DEX) platform that
operates on a layer-2 solution, allowing faster and more scalable
trading than traditional DEXs. It supports various decentralized
finance (DeFi) applications, including derivatives trading and
synthetic asset issuance. Is INJ On The Cusp Of Exploding Above
$25? The growing interest in Injective Protocol is likely due to a
combination of factors. Beyond the project’s unique features, like
near-gasless transactions and growing adoption, improving crypto
sentiment and strategic partnerships might have supported prices
and revived social media activity. To illustrate, Injective
recently joined Google Cloud, encouraging developers to build
on the platform. Related Reading: Bitcoin $42,000 Support Under
Pressure As Short Position Inflows Soar Despite the current
optimism, it is not immediately clear whether the spike in social
media activity could be a precursor to more price gains for INJ.
Even so, with the coin trending at new 2023 highs and trading
volumes expanding amid a broader recovery across the crypto scene,
it is likely that INJ may explode to record new all-time highs
above $25. Feature image from Canva, chart from TradingView
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
Von Jul 2023 bis Jul 2024