- At the time of writing, the token changed hands at $42.66 – which means a staggering 72% increase in just the last seven days.
- INJ, in terms of market capitalization, surpassed the world’s largest cryptocurrency Bitcoin (BTC) in terms of social media popularity.
- This increase in INJ prices is also in line with overall bull market sensitivity, according to an analysis by a crypto tracking platform.
Injective (INJ), the native crypto asset of its eponymous layer 1 blockchain, has caught attention with its massive surge in recent days: Will the rally continue?
Injective (INJ) Draws Attention with Price Surge
Injective (INJ), the native crypto asset of its eponymous layer 1 blockchain, has had a fruitful year. The token reached its all-time high of $39.88 on Tuesday; a surprising 3000% increase occurred in the last 12 months. At the time of writing, the token changed hands at $42.66 – which means a staggering 72% increase in just the last seven days. COINOTAG had previously predicted that INJ prices would likely surpass $30.
This surge can be partially attributed to the social media frenzy revolving around the Injective Protocol; a blockchain designed for decentralized finance (DeFi) applications with AI support. INJ has recently become a hot topic and emerged as the most discussed token on social media platforms in the last seven days.
According to data provided by AlphaScan, during this period, INJ surpassed Bitcoin (BTC), the world’s largest cryptocurrency, in terms of social media popularity in terms of market capitalization. The emergence of AI as a rising technology player seems to support the rally in INJ prices. As the popularity of AI-supported projects increases – consider the rise of OpenAI’s ChaGPT to the skies and Google’s Bard slowly but steadily stepping on the growth pedal – investor sensitivity to AI-supported tokens in the crypto space also appears more positive.
This increase in INJ prices is also in line with overall bull market sensitivity, according to an analysis by a crypto tracking platform. According to the data, Injective, with an almost 12% increase in the last 24 hours, ranks 22nd among all cryptocurrencies with a total market capitalization of $3.5 billion.
The recent rally could also be credited to so-called airdrop farmers, individuals who gained momentum last year and act with the hope of obtaining as many newly minted tokens as possible. A social media user on X (formerly known as Twitter) announced that several projects built on top of Injective had confirmed an airdrop.
INJ Price Prediction: Where Can INJ Go?
Currently, the total market capitalization of leading AI and big data tokens is around $20.15 billion. Investors and traders expect a broader rally due to the increasing demand for AI and its functionality. Additionally, the expected annual growth of 37% in the size of the global AI market from 2023 to 2030, according to a report by Forbes dated December 11, 2023, could be a positive sign for INJ, especially considering the overall market performance in 2023.
According to AI predictions, the price of INJ could rise to over $44 before the end of 2023 and may maintain this price stability in January. According to AI predictions, the price of INJ is expected to rise to over $54 in 2024.
