The artificial intelligence (AI) financial blockchain, Injective (INJ), reached a price of an unprecedented $44 on December 20, achieving an annual gain of an astounding 3,200%. According to on-chain data, the Injective ecosystem’s largest investors began adding to their holdings after INJ surpassed the previous all-time high of $22.
In 2023, INJ began a parabolic climb. The token reached a new all-time high at the end of this sharp rise before falling slightly. Although there are some indications of a temporary weakening, the overall outlook is still very optimistic about continued price growth.
INJ flexes his muscles
Over the past month, the INJ has risen by as much as 150%. Despite major wallet addresses benefiting, it continued to rise. The token’s price gains are supported by on-chain measures.
At the time of writing, INJ weakened a bit and was trading at $38.60, up about 28% in the last seven days, despite the pullback. While some analysts had previously predicted that INJ prices will likely rise above $40 before the year is out, that is still up in the air given a number of macroeconomic considerations.
INJ market cap currently at $3.3 billion. Chart: TradingView.com
On Wednesday, injective saw another surge as investors continued to pour money into the altcoin and cryptocurrency markets. Located at the intersection of decentralized finance and AI, the governance token has become one of the most successful digital assets of 2023.
Market watchers have identified a number of key factors driving this incredible rally, including the acceleration of short-term traders seeking leverage, the incentives of centralized exchanges to create volatility, and a spike in trading volumes for INJ perpetual futures contracts that began in 2011 exceeded $25 billion. a single day.
More whales swallow INJ
Between December 4 and 19, the trade in whales worth $100,000 and more increased, contributing to the boom. The Network Realized Profit/Loss measure shows that this is in line with profit taking. The Santiment chart above shows that INJ holders made money on their token sales in December.
Meanwhile, INJ has shown fantastic price appreciation, exceeding a remarkable 500% growth in value since mid-October. A closer look using technical analysis points to a bullish forecast, indicating that there is currently clear skies for the token’s rise, especially above $44.
Analysts and investors believe that INJ is likely to reach and even surpass the price range of $40-$50 in the near future, which underlines the good performance of the cryptocurrency and the market’s favorable attitude towards it.
Source: Santiment
In a related development, current data on the chain shows a bullish move among wealthy investors and business organizations in INJ. Santiment is seeing a substantial increase in purchasing activity across the top 100 Injective wallets this week.
As of December 8, these wallets held 96.63 million units of the token, as seen in the chart above. But as of December 20, they had quickly added INJ460,000 to their holdings, bringing their total value to INJ97.06 million.
Featured image from PIxaybay
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