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Injective’s INJ token has registered over 63% price gain on the weekly chart, beating top coins like Bitcoin and Ethereum. The token bucked all bearish trends last week, soaring higher amid a market-wide downturn.
These impressive moves place INJ in the 9th place among top-gaining coins today, with an over 5% price increase over the past 24 hours. At press time, INJ trades at $9.31, slowly edging near the $10 mark. The token could be on its way to higher highs in the coming days.
INJ Price Surges Amid Increased Ecosystem Development Activity
The last few days have been bubbling with activities in the Injective ecosystem. According to an April 16 tweet, Injective mainnet integrated with Kraken Exchange, one of the largest cryptocurrency exchanges.
Not only that, the proposal to migrate Pyth Network to an Injective mainnet received a 98% approval rate. This integration will make Injective the only IBC-enabled Layer1 blockchain with Pyth on-chain, allowing users to access crypto and real-world asset data.
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Also, Fiat on-ramps for native INJ went live last week. In addition, the network launched its first Hackathon program and integrated dual rewards on Astroport, a Cosmos-based liquidity provider. The Dual Rewards Proposals aim to incentivize INJ staking on Astroport. It allows the INJ community to earn staking rewards on liquid stakes while earning yield from stINJ.
The project’s success has already manifested in INJ Total Value Locked (TVL). According to data on Defilama, the IJN’s TVL on Astroport has increased by 48%, while that of Helix rose by 23.53% over the past seven days.
Data on Stelareum shows a rapid rise in the total value locked on Injective protocol from $9.66 million on April 13 to $12.488 million on April 17. As of April 12, total assets on the Injective blockchain exceeded $500 million.
The increased network activity could be related to the INJ token’s impressive price moves. Besides the price increase, INJ has recorded a notable increase in trading volume of 24.01% over the past 24 hours.
INJ Token Price Outlook
Although the global cryptocurrency market cap decreased today, investor sentiment remains bullish, with the Fear and Greed Index at 69. Therefore, most cryptocurrency prices are trading with gains as the bulls take control of the market.
INJ’s sentiment is even more bullish with the numerous ongoing activities in the Injective ecosystem. Since the start of April, INJ’s price moved with bullish momentum, rising from $4.19 on March 29 to its current price of $9.3, an over 115% increase.
INJ price has more than tripled since starting January at $1.2714 and rising bullishly above $3 in February. INJ is 1,260% higher than its all-time low price of $0.6557, recorded on November 3, 2020. Despite being over 60% lower than its April 2021 all-time high, INJ has increased by over 2,000% since its launch.
As of yesterday, April 16, the token closed with a 14.11% price increase and continued bullish today. At press time, it is trading at $9.32. If the bulls remain in control, INJ could surpass its current price and break above $10 in the coming weeks.