Injectiv (INJ) Rises 19% After ‘Surprise NFT’ Initiative NFT Surprise Announcement Spurs Injective’s Price Among
Injective (INJ) is one of the few tokens that has made impressive gains in the past week. While most of the assets in the crypto market were characterized by insignificant price actions leading to small gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly winners.
According to data from CoinMarketCap, Injective’s price has increased by 19% over the past seven days, with a market performance beaten by only four other tokens – RNDR, AGIX, MASK and CFX – in the entire top 100 crypto ranking.
INJ first started the week trading around a price range of $6.08 and soon recorded consecutive gains and losses before experiencing a price rally on May 17 to a market price of $6.7
Following this price increase, INJ showed signs of consolidation over the next two days before starting its current bullish run.
NFT Surprise Announcement Increases INJ Price
Interestingly, the price increase of INJ in the last week seems to be due to an exciting announcement from the project developers six days ago.
On May 13, the team behind Injective blockchain arrived tweeted a statement encouraging the user community to interact more with dApps built on Injective or the L1 chain, saying there might be a chance to receive an “NFT-related surprise.”
It might be a good idea to interact with dApps built on Injective or the L1 chain itself.
Make a transfer, trade on a dex built on Injective, bridge assets, stake INJ, etc.
Who knows, there might be an NFT-related surprise in the works 😉
— Injektiv 🥷 (@Injektiv_) 13 May 2023
This announcement caused a lot of excitement in the Injective community, which has been represented not only in price, but also in network activity.
According to a chirping by @Iryna_Everstake, blockchain manager at network validation service Everstake pool, Injective blockchain recorded a significant increase in several network parameters during the following last week – +688K INJ staked, +470 delegators, +130 new wallets and +295M in cumulative trading volume.
The Injective community seems to be heeding the advice to interact with dApps or the chain itself to brace for an upcoming NFT-related surprise@Injektiv_ statistics over the last 5 days: +688K $INJ bet, +470 delegators, +130 new wallets, +295 million in cumulative trade volume 🥷 pic.twitter.com/N9z9aWw5aQ
— Iryna | Everstake 🥷 (@iryna_everstake) 19 May 2023
At the time of writing, INJ is trading around $7.0, having gained 4.73% in the last day. However, it is worth noting that INJ is down 13.8% from its value a month ago. That said, with a circulating supply of 80 million tokens, INJ has a stunning market cap of $563.7 million.
INJ Trading At $7.098 | Source: INJUSD chart on Tradingview.com
Altcoins end the week with massive whale movement
Aside from INJ’s impressive performance this week, another talking point for most investors was the unexpected large altcoin transactions that ended the work week. According to the analysis platform on the chain Sentimentsome assets with medium and low market value recorded whale activity in the order of eight-figure transactions.
Source: Santiment
Of these many assets, MTL, POWR, AERGO and DIAA recorded the largest transactions, which were $37.89M, $30.74M, $30.23M and $18.92M respectively. That said, Santiment stated that when small assets like these register such high transactions, they could be doing something and thus worth investors’ attention.
– Featured image: injective.com, chart from Tradingview.
