The cryptocurrency market hasn’t been able to escape the weekend’s corrective price action, but a little-known altcoin project is doubling down in a short time, surprising investors. Injective Protocol (INJ) is a DEX platform that offers leveraged trading, derivatives and other services. In this article, let’s look at the factors that made the INJ price move higher.
Why is the Injective Protocol (INJ) important?
The Injective Protocol (INJ) uses a second layer side chain architecture and has established connections to the Ethereum Blockchain. Injective architecture offers discounted gas prices while still regulating network congestion. INJ is the exchange’s native service and governance token used for collateral, security, incentives and fees, among other altcoin projects and protocols.
Why did the price of the altcoin project rise?
The cryptocurrency’s meteoric rise corresponds to a number of events, including Injective’s announcement that it is working on a new UI that will allow all users to launch a spot market trading pair. On their official Twitter account, the team made the first touch to raise the INJ price with the following post:
I’m working on a quick ninja listing UI. Essentially, anyone can use INJ to instantly list any spot market they want. It will be released in a few days.
The team has also launched zero gas fee leverage trading for Cosmos (ATOM) perpetual futures on its platform.
Injective (INJ) price analysis
Injective is the 162nd cryptocurrency by market cap. INJ price reached its ATH of $25.01 during the bull run of April and May and has since been bearish with the market accompaniment. The development that brought Injective to the agenda was the 110% rally on February 11. The price of the token soon reached its local high of $4.65, but it could not recover from the profits from this region. The altcoin, which lost nearly 30% on Feb. 12, has today returned most of its gains, down an additional 20%. Trading around $6.69 at current levels, INJ still keeps its profit rate around 50% compared to last week.
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