One major catalyst that can start the crypto bull market in 2024 is the Bitcoin halving event estimated to happen in April 2024. If this happens, INJ will break all-time high in 2023. Also, the decentralized exchange Helix has reached over $14 billion in trading volume in November 2023, showing increasing investor and trader activity.īased on all of this, INJ token could trade as high as $14.553 by December 2023 based on our forecast.īinance experts have a more optimistic outlook, however, and see the INJ token price trading at $16.77 by the end of 2023, while DigitalCoinPrice experts have a massive target of $36.67 within the same time frame. Moreover, the Injective blockchain has been steadily growing even in late 2023 with increasing number of dApps and validators going live, including Mito Launchpad on testnet. OKX Web3 (Wallet | DeFi | NFT) November 20, 2023 □ Managing your assets on the $INJ chain has never been easier! /QrK05iHej0 ✨ We have integrated a high throughput layer-one blockchain desigend for finance. □ Upgrade to the latest #OKX wallet version today! In November 2023, OKX, which is one of the largest centralized exchanges, has integrated the Injective protocol, simplifying asset management on Injective. There are two major catalysts that will affect INJ’s token price in 2023: the Bitcoin spot ETF approval by the SEC and developments within the Injective protocol itself.īitcoin is up 100% this year, in part due to the ETF hype, which has also propped up other tokens higher, including the INJ token in late 2023.ĭespite that, the team behind the Injective blockchain is hard at work. The Fed signaled that one more rate hike could follow by the end of 2023, which means the bull run is yet to start and crypto token prices including INJ token are likely to remain trading flat by the end of 2023.īecause of macroeconomic factors, the Injective coin could be prevented from going above $15 by the end of 2023 unless a major catalyst pushes the price even in a high-interest rate environment. To move the crypto markets higher, the first step is to end interest rate hikes and start cutting them instead. Thanks to the Federal Reserve which raised interest rates 11 times since the November peak, borrowing money to invest in riskier assets hasn’t been cheap in two years. INJ has a market cap of $1 billion from 83 million coins in circulating supply out of 100 billion coins in totalĬryptocurrencies have been trading in a bear market since reaching the top in November 2021.The lowest price since inception was $0.20, which was reached on the same day it was launched.It peaked in April 2021 at a price of $25. Injective coin started trading in October 2020 at a price of $0.40.Since then, Injective coin has had periods of trading sideways and trading lower until it reached a bottom of $1.16 in July 2022. Post-launch, the price started to rally, reaching its all-time high of $25 in April 2021. Soon after that, it traded as high as $1.49 within the same day. The INJ coin launched on the Binance Launchpad with a price of $0.40 in October 2020. This coin is used for validating blockchain transactions via the proof-of-stake mechanism, but it’s also used to incentivize dApps development on the Injective blockchain by giving INJ tokens to developers, and for paying transaction fees. INJ is the native cryptocurrency of the Injective blockchain.
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