The paper stated that INJ will be used “as the default asset to facilitate the purchase and sale of goods and services between parties on the blockchain” and is secured via staking, an essential use case for the altcoin.
The native token of Injective, an open, interoperable layer-one blockchain for finance-focused decentralized applications, INJ, has shot up by 11% in the past 24 hours, witnessing a significant surge in trading volume as well as market capitalization.
The price of INJ as of 6:33 a.m. ET Friday stands at $29.46 with a 133.40% surge in trading volume, which stands at $187 million. On the other hand, the market capitalization of the altcoin is currently $2.75 billion, positioning it 46th in the list of the top fifty digital assets by market cap.
The current circulating supply of the token is around 93,400,000 INJ, with a fully diluted market cap standing at $2.94 billion. In the past seven days, INJ portrayed gains worth 19.31% with a 30-day gain of 24.07%. Further, in the past year, the altcoin skyrocketed by 311.74%, multiplying holders’ investments significantly.
While the volume for the INJ/USDT pair has been steadily climbing, the levels are still lower since those witnessed in March, when the cryptocurrency printed its all-time high (ATH) at $52.75. The altcoin is 43.82% lower than its ATH, while it is 4407.64% up from the all-time low witnessed at $0.6557 in November 2020.
Interestingly, the relative strength indicator (RSI) read a value of 65.35, which means that the buying pressure for the altcoin is significantly higher than the selling pressure, and the INJ/USDT trading pair is about to breach into the oversold region.
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Photo: TradingView
- Factors Affecting Injective (INJ) Prices
Injective (INJ) took to social media platform X (formerly known as Twitter) to announce that it is onboarding one of the largest gaming giants, Gumi, as a validator. Gumi, founded in 2007, is a leading gaming content publisher and developer based in Tokyo, Japan. The firm has expanded from one office in Japan to several subsidiaries in Asia, Europe, and North America.
“Gumi’s addition to the Injective ecosystem will not only expand its role in the world of GameFi but also drive further adoption across Japan, Asia, and beyond,” read the X post.
Additionally, on June 6, Injective released its first-ever comprehensive paper on the INJ token, delving deeper “into the token’s core utilities and mechanisms powering a programmable token economy for deflationary acceleration.”
The paper stated that INJ will be used “as the default asset to facilitate the purchase and sale of goods and services between parties on the blockchain” and is secured via staking, an essential use case for the altcoin. Also, the token will be used for community-led governance across all parameters of the chain. Notably, there are signs that the developers are actively engaged with the project and the community.
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