Exciting news for INJ! The Injective (INJ) token reached a new all-time high, hitting $31.35 early on Friday. This achievement indicates a complete recovery from previous losses.
In the world of cryptocurrencies, altcoins are becoming more popular, especially as many of them are on the rise and showing better performance than the leading cryptocurrency, Bitcoin.
Among the standout altcoins recently are Avalanche, Bonk, and Solana. INJ, another notable altcoin, has been gaining attention for maintaining a steady momentum, bringing joy to investors and drawing significant interest.
INJ: A Rising Star in the AI Crypto Space
Making waves as one of the leading AI-based digital currencies in the cryptocurrency market, INJ is gaining widespread positive sentiments globally.
Having surpassed the crucial resistance level at $26, its previous all-time high, INJ has entered a price discovery mode. At the time of writing, the token’s value has surged by over 70% in the weekly timeframe, marking the third consecutive day of significant increases.
Injective protocol, the blockchain dedicated to financial applications, stands out in the dynamic realm of cryptocurrencies. With a specific focus on finance, Injective aims to revolutionize the financial industry by leveraging blockchain technology to offer cutting-edge services and solutions.
INJ market cap currently at $2.655 billion. Chart: TradingView.com
Functioning as a Layer 2 application built on the Cosmos blockchain, the platform utilizes cross-chain bridges, allowing access to cryptocurrencies from Ethereum and Polkadot. This innovative approach positions INJ as a notable player in the evolving landscape of AI-based digital currencies.
Injective (INJ) Surges on AI Excitement
Injective (INJ) is experiencing significant price increases, and this surge is closely tied to the growing enthusiasm surrounding artificial intelligence, notably with the recent release of ChatGPT-4 and the broader narrative around AI advancements.
The rise in Injective’s value reflects the market’s response to the increasing prominence and potential impact of AI technologies. The tech community is buzzing with excitement over the latest developments in the AI sector, contributing to the positive momentum for Injective.
Source: Santiment
This upward trend aligns with recent market data released by Santiment, a platform focused on on-chain monitoring. According to the data, the market capitalization of the INJ coin has witnessed a substantial surge, spiking by nearly 250% since the middle of October.
Santiment’s data also sheds light on the three wallets holding the highest percentage of INJ accumulations, accounting for almost 80% of the entire INJ supply, valued at $2.18 billion. Notably, these accumulations encompass over two-thirds of all circulating tokens.
Over the last three months, the three largest INJ wallets have increased their holdings by more than 7 million tokens, as reported by Santiment. However, the long-term sustainability of INJ’s price increases remains uncertain, as significant pocket investors may choose to take profits.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
