invezz.com
In a remarkable turn of events, the Injective (INJ) token has witnessed an astounding surge, breaking past its previous all-time high (ATH). On December 12 night, INJ jumped to an ATH of $27.05 before slightly pulling back to $24.04 at the time of writing.
The catalysts behind this unprecedented rally include an exponential increase in social media mentions, the weekly burn auction mechanism, the increased interest in Injective Protocol, and the anticipation for the upcoming Volan upgrade.
In this article, we delve into the key factors propelling INJ’s price.
Injective (INJ) is the second-most mentioned token
Social media activity surrounding Injective Protocol has experienced a remarkable uptick, positioning INJ as the second-most mentioned token after Bitcoin.
AlphaScan data from December 12 reveals a surge in mentions, with nearly 30% occurring in the past 24 hours and 37% in the past week. While Solana, Avalanche, and Ethereum lead in weekly and monthly mentions, the short-term spike in INJ’s social buzz aligns with its impressive price performance.
This L1's sentiment is coming back🤯
— AlphaScan (🎯,🚀) (@alphascan_xyz) December 11, 2023
In the past few days, it became a little bit more silent around $INJ @Injective_. Solana, Kaspa, and other L1s dominated the convo.
However, it seems that the sentiment for $INJ is coming back👇$INJ is the 2nd most mentioned token in the… pic.twitter.com/SBCPYOvlq1
The growing interest in Injective Protocol
Besides the increased social activity around the INJ token, the token’s trading volume has also expanded exponentially.
There has also been a growing interest in Injective Protocol, which can be attributed to its unique features, such as near-gasless transactions and a recent strategic partnership with Google Cloud. Injective is the fastest layer 1 blockchain for finance allowing anyone to launch and use the best Web3 dApps across DeFi, NFT Fi, and RWAs.
Injective Protocol is also conducting a unique burn auction where every week, 60% of fees collected across dApps built on Injective undergo a decentralized buyback and burn auction entirely led by the community.
Notably, the increased interest in Injective comes as Injective Protocol prepares for its “Volan Upgrade,” which is taunted as the largest mainnet upgrade in Injective history.
Going by the above factors, the price of Injective coin could jump towards $30, especially if the anticipated upgrade goes on flawlessly.
The post Injective (INJ) sets a new all-time high amid increased activity appeared first on Invezz