Tuesday, February 27, 2024

Record-Breaking Heights: Injective (INJ) Soars Over 70% Amidst AI Uptick

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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.

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.

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

Disclaimer: The article is provided 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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