Injective Protocol's native crypto, INJ, has seen a remarkable surge of over 20% in the past seven days, outdoing every other cryptocurrency in the top 100 and catching the attention of the crypto world. Injective Protocol is a decentralized exchange platform that allows for the trading of any asset across different blockchains without any form of centralization or custody. As a result, the platform has been able to create a strong niche for itself in the highly competitive DeFi landscape, and this seems to be one of the factors driving the impressive performance of INJ.
Coingecko's latest data show INJ with a current value of $5.76, representing a 7.3% surge in the past 24 hours and a whopping 22.7% surge over the past week. What allowed INJ to make such immense strides in such a short amount of time is the introduction of Cascade, the first interchain Solana SVM rollup. This latest development allows for the platform to unlock the vast Solana developer ecosystem, estimated at $9 billion. In addition, Injective Protocol's recent integration with Pyth, a fast-growing oracle network, further strengthened its infrastructure and provided investors with the confidence the need.
To make the Injective Protocol's ecosystem even more lucrative, the platform recently launched liquid staking through a partnership with Stride. This gives INJ holders the ability to stake their tokens without losing their liquidity, which is a huge plus for investors. To celebrate this new feature, Stride will airdrop 100,000 STRD tokens to Injective stakers.
The cryptocurrency has been on a bullish streak recently, and this is evident in TradingView charts which show a strong trend across various moving averages and the Relative Strength Index (RSI) continuing to grow. INJ broke through the key resistance level of $5 and reached its highest value since March 18, which indicates that its popularity is still on the rise. Despite this, investors need to bear in mind that further gains may be limited, as the crypto has already seen significant growth. All the same, the ongoing surge and advances in its ecosystem demonstrate that Injective Protocol is becoming increasingly appealing to crypto investors.
Alice Taylor
- 2023-04-08
INJ Surges Over 20% in a Week
INJ, the native crypto of Injective Protocol, has seen a remarkable surge of over 20% which is outpacing the performance of every other top 100 cryptocurrency. Find out why INJ is leading the DeFi space and why it could be appealing to crypto investors.
