Injective Token (INJ) Rises 19% in a Week
Injective (INJ) has outperformed most other tokens in the crypto market, becoming one of the biggest weekly gainers with a remarkable price movement. According to data from CoinMarketCap, INJ’s price gained 19% in the past seven days, ranking the token fifth in market performance among the top 100 cryptocurrencies.
INJ began with a price around $6.08 and recorded consecutive gains and losses throughout the week before experiencing a price spike on May 17 to $6.7. After consolidating the price increase for the next two days, INJ has started to experience a bullish run.
Exciting NFT Announcement Drives INJ Price
The excitement around a surprise NFT announcement from the Injective team is reportedly the cause of INJ’s rally. The team urged the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.” This announcement led to not only a surge in price but also an increase in network activity, according to Everstake.
Altcoins Make Big Whale Transactions
Aside from INJ’s impressive performance, Santiment, an on-chain analytics platform, reported unexpected big altcoin transactions that capped off the work week. Some mid and low-market cap assets recorded whale activity totaling eight-figure transactions. Of these assets, MTL, POWR, AERGO, and DIAA recorded the biggest transactions, which were $37.89M, $30.74M, $30.23M, and $18.92M, respectively. Santiment stated that when small assets such as these record such high transactions, they could be worth investors’ attention.
At the time of writing, INJ is trading around $7.0, having gone up 4.73% in the last day. However, the token’s value is down by 13.8% from its value a month ago. Despite this, with a circulating supply of 80 million tokens, INJ has a market cap of $563.7 million.