The cryptocurrency known as Injective (INJ) showed a notable price increase, exceeding 900% since the beginning of the year, even in the face of the general downtrend in the cryptocurrency market.
INJ price remained unaffected by the widespread consolidation observed in the cryptocurrency market since Thursday.
On Friday, it rose 10%, reaching a trading value of $13.15. The current market valuation of the coin is more than $1 billion. This places the cryptocurrency in 44th place in terms of ranking based on market capitalization.
Injective is approaching a historic peak amid strong partnerships
The interoperable Layer-1 blockchain technology, which facilitates the operation of future-generation decentralized finance applications (DApps), is approaching its historical maximum value of $31.40, making it one of the best-performing cryptocurrencies of the current year.
Prominent blockchain protocol Injective has the backing of Dallas Mavericks owner and billionaire Mark Cuban.
At the time of writing, INJ is trading at $13.55, posting a solid 59% increase in the past week, according to figures from cryptocurrency market tracker Coingecko.
Source: Coingecko
The price range of Injective reached a peak value of around $12.8 within a 24-hour period. This represents the highest value recorded in almost two years. The rise in the value of the token cannot be entirely attributed to the recent rise in Bitcoin prices.
This increase is also influenced by Injective’s efforts to strengthen its market position through its relationship with Google and the introduction of a new product through Helix Exchange.
Unlike other blockchains like Ethereum, Solana, and Cardano, Injective’s focus is entirely on the financial industry. It provides developers with the tools they need to build dApps for a wide range of financial use cases, from lending and savings to derivatives trading and even Oracles.
The Injective network features fast processing speeds and low transaction fees.
1/ Introducing Injective Nexus: Integrating Injective’s official data and making it available on Google Cloud.
Core string data from the Injective network in BigQuery will now be accessible through Analytics Hub, Google Cloud’s exclusive data sharing platform.https://t.co/V5gOyvAQe2
— Injection 🥷 (@Injective_) October 24, 2023
INJ market cap currently at $61.11 billion on the daily chart: TradingView.com
Nexus’ integration with Google Cloud expands access for users
The Injective development team made an announcement last week regarding the integration of “Injective Nexus” with Google Cloud. This integration represents a major development, as it enables the larger mainstream world to access underlying blockchain data through BigQuery’s Analytics Hub.
The Google team said via a blog post:
“Google Cloud has so far only provided BigQuery datasets for major blockchain networks such as Bitcoin and Ethereum (…) and now, Injective will become part of this landmark collection of Layer-1 chains.”
At the same time, the near-term and medium-term uptrend is confirmed by the convergence of the two Exponential Moving Averages (EMAs) on the daily chart. Moreover, a bullish crossover of MACD lines supports this sense of optimism and improves the picture.
More than $400 million in $eng Injective is now one of the largest L1 networks in terms of bet value 🚀
— Injection 🥷 (@Injective_) October 22, 2023
Furthermore, the implementation of pre-launch futures contracts for upcoming cryptocurrencies by Helix DEX, a decentralized exchange running on Injective, has generated significant interest.
Injective saw INJ’s value surge, surpassing the $400 million mark on Monday.
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