The Layer 1 Blockchain network Injective (INJ) experienced a remarkable year, with its price soaring by 3000% over the last 12 months, reaching an all-time high of $39.88. At the time of writing, INJ was trading at $38.63, having increased by 59.23% in the past week alone. This prompts the question: what is driving this impressive price surge, and could there be more gains on the horizon?
The rally can be partially attributed to the growing excitement on social media for Injective, a decentralized finance (DeFi) platform powered by artificial intelligence and designed for interoperability. INJ has become one of the most talked-about protocols in the crypto space, recently outperforming even Bitcoin (BTC) in terms of social media popularity, according to data provided by AlphaScan.
The emergence of artificial intelligence as a bright new technological frontier has also played a role in supporting INJ’s price increase. The rising popularity of AI-focused projects, such as OpenAI’s ChatGPT and Google’s Bard, has fueled interest in AI-powered cryptocurrencies, including INJ.
An analysis by the crypto tracking platform CoinCodex suggests that INJ’s price surge is also supported by the broader crypto market uptrend. CoinMarketCap data shows that Injective has risen by 5.4% in the last 24 hours, with a total market capitalization of approximately $3.4 billion, ranking it among the top 25 altcoins.
The recent rally may also owe thanks to the anticipation of AirDrops, which gained momentum last year as users hoped to acquire as many newly minted tokens as possible. A social media user’s confirmation of an upcoming AirDrop for several projects built on Injective sparked a surge in interest in the altcoin.
Currently, the cumulative market value of the top AI and big data altcoins is around $20.15 billion. Investors and traders are expecting a more significant surge, considering the increasing demand for the functionality of AI and this transformative technology. Moreover, a Forbes report dated December 11, 2023, predicts that the global AI market size will grow by 37% annually from 2023 to 2030, suggesting a potentially strong performance for INJ in the future.