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- INJ’s trading volume spiked 508% from $2.5M to $15.3M in 3 days.
- Injective’s new protocol upgrade — Avalon — is expected to commence on June 1.
Cryptocurrency Injective (INJ) shoots up to the top, capturing investors’ attention with its three consecutive daily green candles laid this week. Significantly, INJ’s 24-hour price surge on Monday bolstered its spot on the top gainers’ charts.
Remarkably, the trading volumes of INJ highlight a positive landscape. In the past 3 days, Injective trading recorded astounding surges in volumes. On May 27, daily trading volume was at $2,520,236 and it rose to $15,342,611 on May 29 after surging by 508%.
In spot markets, INJ volumes observed a 671% surge — from $528K to $4.07M — and in derivatives markets, a 465% surge — from $1.9M to $11.2M. Just before the notable spike, the project initiated a weekly burn of 5,689,124 INJ. Furthermore, this Cosmos IBC-enabled blockchain has lined up a protocol upgrade, Avalon, for this week. Currently, it stands as a proposal with 99.74% approval.
The Avalon Mainnet Upgrade has been initiated to bring you the most powerful version of Injective to date.
— Injective 🥷 (@Injective_) May 28, 2023
The gov proposal is active and the upgrade scheduled to occur later this week.
🚀 L1 scalability optimizations
🚀 Sub-Second Block Times
🚀 PoS delegation revamp
To note, the Avalon upgrade will facilitate the revamp of the Injective Chain — from v1.10 to v1.11. Once the proposal is approved, the migration is likely to occur on June 1 at 14:00 UTC.
Injective Still in Bearish Zone
Injective (INJ) has been one of the top cryptocurrencies that hold maximum year-to-date (YTD) gains — 484%. INJ jumped from $1.27 at the start of 2023 to $9.8 in April and currently hovering between $7.5 and $8. Despite this, INJ is under the spell of the bears.
According to the above chart, the negative MA crossover — the 8-day moving average overtaking 5-day moving average — confirms the ongoing bearish trend. On the other hand, the parabolic SAR hovering below the current price action also points to its bearish state.
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