The injective (INJ) token has seen a significant surge, reaching an all-time high above $27. The price has soared by 66% in two weeks and an astonishing 1,500% in the past year. This surge prompts the question: What is driving the Injective price higher? Catalysts include an upcoming network upgrade, weekly token burn, and Helix DEX activity.
Understanding the Surge
Injective’s native token has experienced a remarkable surge over the last 30 days, with a 55% increase and a staggering 1,570% rise since the lows of December 2022. Positive ecosystem news has contributed to this surge, combined with a broader bullish sentiment in the market.
Among the recent catalysts is Injective’s weekly token burn, where over $65,000 worth of INJ has been permanently removed from circulation. Additionally, there has been a substantial spike in total INJ staked, totaling over $1 billion, as per on-chain data.
The upcoming network upgrade called Volan, teased by Injective, is also a significant factor in the surge. The INJ price has soared over 66% in the two weeks following the announcement. Furthermore, activity around Injective-based decentralized exchange (DEX) Helix has contributed to the token’s upward trajectory.
INJ Price Outlook
As the INJ token currently trades around $26, there is potential for a bullish continuation to push the price beyond $30. On the contrary, a bearish market retreat could lead to a potential slip to support in the $20-$18 range.
Why INJ Tokens are Surging
Injective’s recent surge can be attributed to various factors, including the upcoming Volan upgrade, weekly token burns, and increased staking activity. Additionally, positive ecosystem news and a broader bullish sentiment in the market have further bolstered the price. The surge showcases the growing interest and confidence in the Injective protocol and its native token.
What is Injective Protocol?
Injective Protocol is a decentralized derivatives exchange that offers a diverse range of trading options, including futures, spot trading, and perpetual swaps. It aims to provide a seamless and decentralized trading experience for users.
What is the significance of the Volan upgrade?
The Volan upgrade is hailed as the largest mainnet upgrade in Injective’s history. It is expected to introduce significant improvements to the network, potentially enhancing its capabilities and performance.