Injective (INJ), the native crypto asset of its namesake’s layer-1 blockchain, has had a bumper 12 months. The token hit a lifetime excessive of $39.88 on Tuesday — a staggering 3000% surge within the final 12 months.
At the time of writing, the token modified fingers at $38.63 – that’s a 59.23% bounce within the final seven days alone. Coingape had earlier predicted that INJ costs would seemingly shoot previous the $ 30 mark.
What’s behind this rally?
The upswing will be partially attributed to the social media hype across the Injective Protocol, an AI-powered interoperable blockchain designed for decentralized finance (DeFi) functions. INJ has change into the speak of the city not too long ago, rising as essentially the most mentioned token on social media platforms within the final seven days.
According to knowledge offered by AlphaScan, INJ leapfrogged Bitcoin (BTC), the world’s largest cryptocurrency by way of market capitalization, by way of recognition on social media throughout this era.
AI Emerges as a Game Changer
The emergence of AI because the shiny new tech toy additionally appears to be backing the rally in INJ costs. With AI-driven initiatives hovering in recognition — contemplate the meteoric rise of OpenAI’s ChaGPT and Google’s Bard slowly however steadily stepping on the expansion pedal — investor sentiment round AI-powered tokens within the crypto house additionally appears to be extra constructive.
The surge in INJ costs can be according to the broader bullish crypto market sentiment, in line with an evaluation by crypto monitoring platform CoinCodex. Injective is at present ranked twenty sixth of all cryptocurrencies with a complete market capitalization of roughly $3.4 billion, up almost 5.4% within the final 24 hours, in line with knowledge from CoinMarketCap.
The latest rally can be credited to the so-called airdrop farmers, who’ve picked up steam prior to now 12 months, in hopes of buying as many freshly-minted tokens as attainable. A social media person not too long ago defined on X (previously Twitter) how a number of “projects built on top of Injective have confirmed an airdrop.”
INJ Price Prediction: Here’s Where INJ May Head Next
At current, the cumulative market cap of high AI and large knowledge tokens stands at round $20.15 billion, with buyers and merchants anticipating a wider rally, given the rising demand for AI and its performance.
Additionally, the worldwide AI market dimension is estimated to develop 37% yearly from 2023 to 2030, as per a December 11, 2023 report by Forbes. This may very well be an excellent omen for INJ, particularly contemplating the token’s general market efficiency all through 2023.
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