Injective (INJ) has experienced a significant price increase of nearly 500% since the beginning of 2023, making it one of the top-performing assets of the year. In the past week alone, the INJ token has seen a 26% increase in value. Currently, the token is valued at $7.53, according to CoinGecko.
Despite the recent gains, the INJ price has been range-bound for the past few weeks, moving mostly sideways after reaching a yearly peak of $9.32. The market conditions are uncertain, and on-chain indicators are indecisive. However, the token has found support at the $6 price point.
With a market capitalization of nearly $600 million, INJ is ranked as the 73rd largest cryptocurrency. Its 24-hour trading volume has increased by 131.2% in the past day, reaching approximately $75 million.
CoinCodex predicts a bullish sentiment for INJ, expecting a further 13.08% increase in the next five days and a market price of $16.72 in the next 30 days.
Injective Protocol, the decentralized blockchain platform, has been making positive strides in innovation and adoption. Recently, it reached 240 million transactions on its network, showcasing its growing popularity. The Open Liquidity Program (OLP), launched in June, allows users to provide liquidity and earn INJ rewards.
Overall, Injective and its native token INJ have experienced significant growth and positive developments, contributing to an optimistic outlook for the future.
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