According to AlphaScan facts on December 12, social media activity regarding the Injective Protocol (INJ) has steadily increased over the past day and week. This surge in interest has propelled INJ to the second most mentioned token on social media, behind only Bitcoin (BTC).
Injective activity on social media is increasing
Data shows that INJ received almost 30% of weekly mentions in the last 24 hours alone. Additionally, 37% of all monthly mentions of INJ occurred in the last seven days, further highlighting the growing attention surrounding the project.
While this is impressive for the project, it appears that INJ is also popular given the very short-term data from the last trading day. Looking at weekly and monthly mentions, Solana, Avalanche and Ethereum lead the way.
Injective Protocol’s uptick in social activity also coincides with rising prices. Based on Alpha Scan data, INJ has surpassed Bitcoin and other top 10 crypto assets in the latest data. If the spike in social activity is behind the rising prices, INJ can likely extend gains in subsequent sessions.
From the daily INJ chart, the coin is at its 2023 high, and going even higher. As it is now, the coin is in a bullish breakout formation, completely lowering the November 2023 resistance levels. Notably, the rally is accompanied by growing trading volumes, meaning the rise is supported and could continue, attracting even more social activity to the project.
Injective Protocol is a decentralized exchange platform (DEX) that runs on a layer 2 solution, enabling faster and more scalable trading than traditional DEXs. It supports various decentralized finance (DeFi) applications, including derivatives trading and synthetic asset issuance.
Is INJ About to Explode Above $25?
The growing interest in Injective Protocol is likely due to a combination of factors. Apart from the project’s unique features such as near-gas-free transactions and growing adoption, improving crypto sentiment and strategic partnerships could have supported prices and revived social media activity.
To illustrate, Injective recently joined Google Cloud and is encouraging developers to build on the platform.
Despite the current optimism, it’s not immediately clear whether the spike in social media activity could be a harbinger of more share price gains for INJ. Still, the INJ is likely to explode and record new all-time highs above $25 as the coin trends at new highs in 2023 and trading volumes increase amid a broader recovery in the crypto scene.
