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Injective (INJ), the native crypto asset of its namesake’s layer-1 blockchain, has had a bumper yr. The token hit a lifetime excessive of $39.88 on Tuesday — a staggering 3000% surge within the final 12 months.

At the time of writing, the token modified palms at $38.63 – that’s a 59.23% leap within the final seven days alone. Coingape had earlier predicted that INJ costs would probably shoot previous the $ 30 mark.

What’s behind this rally?

The upswing might be partially attributed to the social media hype across the Injective Protocol, an AI-powered interoperable blockchain designed for decentralized finance (DeFi) purposes. INJ has change into the discuss of the city lately, rising as probably the most mentioned token on social media platforms within the final seven days.

According to knowledge offered by AlphaScan, INJ leapfrogged Bitcoin (BTC), the world’s largest cryptocurrency when it comes to market capitalization, when it comes to reputation on social media throughout this era.

AI Emerges as a Game Changer

The emergence of AI because the shiny new tech toy additionally appears to be backing the rally in INJ costs. With AI-driven tasks hovering in reputation — take into account the meteoric rise of OpenAI’s ChaGPT and Google’s Bard slowly however steadily stepping on the expansion pedal — investor sentiment round AI-powered tokens within the crypto house additionally appears to be extra constructive.

The surge in INJ costs can be in keeping with the broader bullish crypto market sentiment, based on an evaluation by crypto monitoring platform CoinCodex. Injective is at present ranked twenty sixth of all cryptocurrencies with a complete market capitalization of roughly $3.4 billion, up practically 5.4% within the final 24 hours, based on knowledge from CoinMarketCap.

The current rally can be credited to the so-called airdrop farmers, who’ve picked up steam previously yr, in hopes of buying as many freshly-minted tokens as potential. A social media person lately defined on X (previously Twitter) how a number of “projects built on top of Injective have confirmed an airdrop.”

INJ Price Prediction: Here’s Where INJ May Head Next

At current, the cumulative market cap of prime AI and massive knowledge tokens stands at round $20.15 billion, with traders and merchants anticipating a wider rally, given the rising demand for AI and its performance.

Additionally, the worldwide AI market measurement is estimated to develop 37% yearly from 2023 to 2030, as per a December 11, 2023 report by Forbes. This may very well be a great omen for INJ, particularly contemplating the token’s total market efficiency all through 2023.

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