Injective (INJ) rises 30% and Injective price prediction for 2024

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Last Updated on 19 December 2023 by CryptoTips.eu

Injective (INJ) has just shown significant gains with an impressive bullish momentum of over 30%. The recent surge has pushed the token’s market capitalization to $3.33B, with a daily trading volume of $560.58M.

Injective Protocol is categorized under DeFi and is optimized for trading assets in various blockchains. INJ is the native token of the Injective Protocol, specializing in tokenized derivatives such as stock tokens (cryptos pegged to the price of stocks).

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Price change of INJ Coin

In October 2020, INJ was worth $0.77, which quickly changed in 2021 when the price jumped to $25. And for the rest of 2021, the INJ price was volatile but ended with a downward trend. What’s more, the price slumped even further in 2022, registering a low of $1.55.

Additionally, the coin’s market cap flopped from a peak of $521 million in 2021 to $120 million in 2022 when the token’s price crashed. The coin witnessed a strong bull trend this year, with a whopping 100%+ gain this month alone.

Price prediction of INJ Coin in 2024

One of the primary catalysts of 2024’s bull trend could be Bitcoin’s halving, which could send all altcoin prices through the roof. In fact, historically speaking, Bitcoin’s halving has always led to an overall gain in almost all cryptos. The history is obviously not a guarantee for the future.

That said, INJ coin could be among the significant tokens to benefit greatly from Bitcoin’s halving next year, considering how INJ will likely end the year strong. So far, the coin has managed to sustain the $30 mark.

Another reason INJ may register a bull trend next year is that it’s a powerful layer 1 blockchain with the TPS. TPS is a known rival of Solana, giving this coin an upper hand against the big crypto names.

Injective Protocol also plans to add a VM chain feature into their system, making it easier for Ethereum, Solana, and Cosmos developers to build on this protocol. That will simplify the development of new dApps on Injective Protocol, leading to the ideal multi-chain operability. That can have an influence on the price rise of this coin.

So, is a $100 price possible for INJ Coin in 2024? With all factors considered, yes, it is. This coin has shown it has the ability to register impressive gains in a matter of months. However, it’s crucial to trade cautiously and only invest money that you are willing to lose.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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