Today, Injective is experiencing a significant increase, approximately 13%, making it one of the top performers. This spike follows the approval of a significant governance proposal, marking the progress towards INJ 3.0, a highly anticipated phase in the Injective ecosystem. Furthermore, the recent upswing suggests growing investor trust in the AI coin sector, as seen by the price rise in coins like FIL and FET, along with other tokens.
Factor Behind Injective (INJ) Price Rise
As a crypto investor, I’m excited to share that I’ve learned about Injective’s recent announcement regarding their governance proposal for INJ 3.0. This development aims to move into the next phase, and it has a significant focus on decreasing the circulating supply of the INJ token. Essentially, the goal is to make INJ one of the most deflationary assets in the future, which could potentially increase its value over time.
The proposal for the launch, initially put forth near the time of Bitcoin‘s halving, gained widespread approval from the community. By a landslide margin of 99.99%, IIP-392 had been supported when it was presented earlier in 2024.
On the contrary, the growing interest among investors in the Artificial Intelligence sector could also be a factor behind its recent increases. This is suggested by the price rise of Filecoin (FIL) and Fetch.ai (FET). In fact, both have experienced substantial growth over the past week. Particularly interesting is the surge in popularity for the FET token, which has been fueled by the rising AI excitement, as well as its 5 million token burn plan.
Will This AI Token Continue To Rally?
The price of Injective increased approximately 13% today and was traded at around $25.99, while its trading volume significantly increased by 134% to reach approximately $263 million. It’s worth mentioning that the token reached a 24-hour peak of $26.33, marking a weekly growth of 25%. Additionally, data from CoinGlass revealed a 20% rise in INJ Futures Open Interest, suggesting a positive outlook in the market.
In other words, it seems quite possible that the token will keep moving upwards in the near future. Moreover, the growing enthusiasm for leading AI cryptocurrencies might propel its prices to unprecedented heights.
Trump’s election victory has ignited optimism not just in the crypto market, but also in the technology sector as a whole. Given this context, AI-related coins may continue to surge since world leaders are increasingly prioritizing technological progress. However, whether the AI token can maintain its momentum amidst high volatility is yet to be determined.
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2025-01-06 15:51