Record-Breaking Heights: Injective (INJ) Soars Over 70% Amidst AI Uptick
15 Dezember 2023 - 8:00AM
NEWSBTC
With the token touching $31.35 early on Friday, the injective (INJ)
price formed a new all-time high, suggesting that it has recovered
all of its losses. In the cryptocurrency industry, altcoins are
gaining traction because most of them have started to rise and are
outperforming the leading cryptocurrency, Bitcoin. A couple of the
stronger altcoins lately are Avalanche, Bonk, and Solana. INJ, an
altcoin that has been making positive noise of late, has attracted
a lot of interest as it managed to retain a steady momentum, to the
delight of investors. Related Reading: SHIB Roars As Shibarium Hits
100 Million Transactions – Big Things Unfolding Injective Surges To
All-Time Highs, Marking Impressive Weekly Growth One of the top
AI-based digital currencies in the cryptocurrency market is INJ,
since its horizon is accumulating positive sentiments on a global
scale. INJ reaching a new ATH. Source: Coingecko After breaking
over the critical and last region of resistance at $26, its prior
ATH, INJ moves into a price discovery mode. As of this writing, the
token’s value has increased by over 70% in the weekly timeframe,
marking the third day in a row that it has increased. A blockchain
specifically created for financial applications, the Injective
protocol stands out in the ever-changing world of cryptocurrencies.
INJ market cap currently at $2.655 billion. Chart: TradingView.com
With a focus on finance, Injective seeks to provide cutting-edge
services and solutions by utilizing blockchain technology to
improve the financial industry in a number of ways. Developed as a
Layer 2 application on top of the Cosmos blockchain, the platform
makes use of cross-chain bridges to enable cryptocurrency access
from Ethereum and Polkadot. AI Excitement Propels INJ’s Meteoric
Rise The substantial increases in the price of Injective seem to be
attributable to the heightened enthusiasm surrounding artificial
intelligence, especially with the release of ChatGPT-4 and the
broader story surrounding AI advancement. Injective’s value rises
in response to the market’s reaction to the rising prominence and
potential influence of AI technologies as the tech community is
abuzz with excitement about the newest developments in the sector.
Source: Santiment The spike is also consistent with recent market
statistics that Santiment, a platform that streamlines on-chain
monitoring, released. According to the data, the market
capitalization of the INJ coin had a significant surge, rising by
almost 250% since the middle of October. Related Reading: Solana
Shows Its Mettle As SOL Barrels Past $70 – Details The data also
shows which three wallets have the highest percentage of INJ
accumulations. At $2.18 billion, these stocks make up almost 80% of
the entire INJ supply. The aforementioned accumulations contain
over two-thirds of all tokens in circulation. The three biggest INJ
wallets have added more over 7 million tokens to their holdings
during the last three months, according to Santiment. It is unclear
whether INJ price increases are long-term because large pocket
investors are probably taking profits. Featured image from
Shutterstock
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