Injective, an AI-backed interoperable blockchain optimized for DeFi applications, appears to be portraying noteworthy gains within the crypto space today, December 14. With INJ’s horizon amassing bullish sentiments globally, the token is emerging as one of the leading AI-based digital currencies within the crypto landscape.
What Is Injective (INJ)?
The Injective protocol primarily positions itself as a blockchain developed for finance within the crypto landscape. Built atop the Cosmos blockchain as a Layer 2 application, the platform utilizes cross-chain bridges to facilitate the access of cryptocurrencies from platforms such as Ethereum and Polkadot.
What’s intriguing is that the Injective ecosystem encompasses over 100 projects and over 150,000 community members globally, making it one of the most prominent AI tokens within the crypto space. With its widespread adoption among crypto market enthusiasts, the token significantly influences the AI token landscape.
Furthermore, INJ stands as the native cryptocurrency of the Injective protocol.
Injective Price: What’s The Scoop
The Injective (INJ) price witnessed a phenomenal 24-hour surge on Thursday, fueling optimism for the token globally. Simultaneously, according to market charts, the INJ price noted a substantial 28% increase in its value over the past day, currently trading at $31.37. This surge in INJ’s price was further accompanied by a weekly upswing of 84%, along with a monthly upsurge of 100%.
With the token’s market trajectory continuously burgeoning upward, the AI token seems to be exhibiting a potential bull run in the near future. Intriguingly, the token also hit its ATH today, as it briefly rested at the $32.1 mark. The new ATH recorded by the token further influenced bullish market sentiments orbiting INJ.
Why is The INJ Price Rising?
The recent soar of the INJ price primarily reflects the growing global adoption of artificial intelligence (AI) within industries. As AI systems continue to grow in popularity, with systems like ChatGPT and BardAI pioneering the sentiment, AI-backed tokens within the crypto space also appear to be on the rise.
Intriguingly, the growing adoption of AI systems appears to be acting as a catalyst for the upswing noted by AI-backed cryptocurrencies.
Furthermore, the surge also falls in line with recent market data unveiled by Santiment, a platform streamlining on-chain metrics. As per the data, the INJ token registered a massive increase in its market cap, soaring 254% since mid-October. Moreover, the data also highlights the top 3 wallets with the majority of INJ accumulations. These holdings account for roughly 86% of the total INJ supply, evaluated at $2.18 billion. The previously stated accumulations hold nearly two-thirds of the total number of tokens in supply.
Also read: Binance Faces Potential Exit In The Philippines, Know The Timeline
INJ Price Prediction : Will INJ Continue To Upswing?
CoinGecko, the world’s leading crypto data aggregator, unveils that the current AI-crypto sector boasts a collective market capitalization of $8 billion. Moreover, as crypto market fanatics spotlight the growing demand for AI and its functionality, investors and traders anticipate further surges in AI-backed tokens.
Additionally, in alignment with the growing adoption of AI, Injective (INJ), a project centered on AI, recorded an impressive spike orbiting the token’s overall market dynamics over the last two months. Furthermore, factors such as advancements at the American Artificial Intelligence Research Organization, OpenAI, and the adoption of GPT4 contribute to adding bullish market sentiments for the token.
In conclusion, as the global race for AI forges ahead with significant breakthroughs, the INJ price is also expected to be on the rise.
Also read: Why Is Bonk Price Up Today?
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://coingape.com/blog/inj-price-what-happened-to-injective-injprice-today/
