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Layer 1 Blockchain network Injective (INJ) had a bullish year. The price of the altcoin has risen by 3000 percent over the last 12 months, reaching an all-time high of $39.88. At the time of writing, INJ is trading at $38.63, having increased by 59.23 percent in the last 7 days. So, what’s behind this impressive rise in the altcoin’s price, and could there be more increases on the horizon? Let’s take a closer look.
The Driving Force Behind Injective’s Rally: Artificial Intelligence
The rise is partly due to the soaring excitement on social media for Injective, a decentralized finance (DeFi) designed, AI-supported, interoperable Blockchain network. INJ has recently become one of the most talked-about protocols in the crypto world and has been one of the most discussed altcoins on social media platforms in the last 7 days. According to data provided by AlphaScan, INJ has even surpassed Bitcoin (BTC), the world’s largest cryptocurrency by market value, in terms of social media popularity during this period.
The emergence of artificial intelligence as a bright new technological toy also seems to have supported the rise in INJ’s price. The growing popularity of AI-focused projects (such as the steady growth of OpenAI’s ChaGPT and Google’s Bard) has increased interest in AI-supported altcoins in the crypto market.
According to an analysis by the crypto tracking platform CoinCodex, the increase in INJ’s price is also supported by the overall rise in the crypto market. According to data provided by the crypto data and price platform CoinMarketCap, Injective has risen by 5.4 percent in the last 24 hours and is currently the 25th largest altcoin with a total market value of approximately 3.4 billion dollars.
The recent rally may also owe something to the so-called AirDrops, which gained momentum last year with the hope of acquiring as many newly minted tokens as possible. The explosion of interest in the altcoin following a social media user’s recent confirmation of an AirDrop for several projects built on Injective via social media platform X (formerly known as Twitter) confirms this situation.
INJ Price Prediction: More Upside on the Horizon?
Currently, the cumulative market value of the top AI and big data altcoins is around 20.15 billion dollars. Investors and traders, keeping in mind the increasing demand for the functionality of artificial intelligence and this game-changing technology, are expecting a bigger and more impressive rise.
Furthermore, according to a report by Forbes on December 11, 2023, the global artificial intelligence market size is expected to grow by 37 percent annually from 2023 to 2030. This, especially considering INJ’s overall market performance throughout 2023, indicates that it could continue to perform well in the future.
