Layer-1 blockchain injective (INJ) showed a very successful performance in 2023. While INJ recorded a historical peak of $39.88 last Tuesday, it has grown by 3000% in the last 12 months. Growth in the last week approached 60%.
The rise is due in part to excitement around Injective Protocol, an AI-powered interoperable blockchain designed for decentralized finance (DeFi) applications. INJ has managed to become the most discussed token on social media platforms in the last seven days.
According to data provided by AlphaScan, INJ has surpassed even Bitcoin (BTC), the world’s largest cryptocurrency by market cap, in terms of “social dominance.”
With the increasing popularity of AI-focused projects, such as the meteoric rise of OpenAI’s ChaGPT and the slow but steady growth of Google’s Bard, investor sentiment towards AI-powered tokens in the crypto space has also started to become more positive.
According to an analysis by CoinCodex, the rise in Injective price has also aligned with broader bullish crypto market sentiment. According to CoinMarketCap data, INJ currently ranks 26th among all cryptocurrencies with a total market cap of approximately $3.4 billion and is up approximately 5.4% in the last 24 hours.
One of the reasons for the recent rally seems to be affected by the airdrop that will be held closely.
Currently, the cumulative market cap of the top AI and big data tokens stands at around $20.15 billion, and investors and traders are expecting a broader rally given the growing demand for AI and its functionality.
In addition, the global AI market size is estimated to grow 37% every year from 2023 to 2030, according to Forbes report dated December 11, 2023. This predicts a good future for INJ, especially considering the token’s overall market performance through 2023.