The cryptocurrency known as Injective (INJ) has exhibited a remarkable increase in price, exceeding 900% since the commencement of the year, even in the face of a general downward trend in the digital currency market.
The significant rise observed in this context demonstrates an exceptional level of achievement, as the price experienced a surge of over 10 times its initial value.
The price of INJ has remained unaffected by the extensive consolidation observed in the cryptocurrency market since Thursday.
On Friday, it had a 10% increase, reaching a trading value of $13.15. The current market valuation of the coin stands at over $1 billion. This places the cryptocurrency at the 44th position in terms of rankings based on market capitalization.
Injective Nears Historical Peak Amidst Strong Partnerships
The interoperable Layer-1 blockchain, which facilitates the operation of decentralized finance apps (DApps) in the future generation, is approaching its historical peak value of $31.40, positioning it as one of the top-performing cryptocurrencies in the current year.
Prominent blockchain protocol Injective has the support of Dallas Mavericks owner and billionaire Mark Cuban.
At the time of writing, INJ was trading at $13.55, and registered a solid 59% increase in the last week, according to figures by crypto market tracker Coingecko.
Source: Coingecko
The price range of Injective hit a peak value of nearly $12.8 during a 24-hour period. This represents the highest value observed in almost two years. The rise in the value of the token cannot be attributed entirely to the recent surge in Bitcoin prices.
The increase is also influenced by Injective’s efforts to strengthen its position in the market through its relationship with Google and the introduction of a new product by Helix exchange.
Unlike other blockchains like Ethereum, Solana, and Cardano, Injective’s focus is entirely on the financial industry. Provides developers with the tools they need to build dApps for a wide range of financial use cases, from lending and savings to derivatives trading and even oracles.
The Injective network is notable for its lightning-fast processing speeds and low transaction fees.
1/ Introducing Injective Nexus: Injective’s official data integration & availability on Google Cloud.
Now core chain data from the Injective network will be accessible in BigQuery through the Analytics Hub, Google Cloud’s exclusive data sharing platform.
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