Injective soars, achieving 3000% increase since the beginning of the year | CoinDesk JAPAN

Injective (INJ), the native token of layer 1 blockchain Injective, hit a new all-time high on the 19th, soaring to $39.15 (approximately 5,600 yen, equivalent to 145 yen per dollar), the highest price since the beginning of the year. Achieved an increase of 3000%.

Injective is up 28% in the past 24 hours alone, and traders are anticipating a broader altcoin rally following Solana’s recent high-profile rally.

Injective is a Cosmos-based blockchain that combines elements of artificial intelligence (AI) and decentralized finance (DeFi). Although it recorded a trading volume of $600 million in the past 24 hours, the current total value locked (TVL) assets are only $18 million (approximately 2.61 billion yen), according to DefiLlama.

DApps (decentralized applications) built on injective blockchains can use AI algorithms to improve market efficiency and optimize user decisions, such as trading on decentralized exchanges (DEXs). Injective Blockchain also describes itself as the first blockchain to offer “self-executing smart contracts” aimed at improving efficiency.

The rise in Injective prices despite the lack of custody acquisition on the Injective blockchain indicates that traders are buying the artificial intelligence narrative, which has been fetched over the past few months. Assets such as AI (FET) and Graph (GRT) have also led the way.

The recent surge may also be due to the emerging trend of airdrop farmers hopping between different blockchains to obtain airdrops of newly minted tokens. One X (formerly Twitter) user pointed out that there are “many projects built on Injective that have confirmed airdrops.”

｜Translation and editing: Rinan Hayashi
｜Image: TradingView
｜Original text: Injective’s INJ Year-to-Date Gain Rises to 3,000% After Latest Jump