Injective (INJ) Surges By 19% Following ‘Surprise’ NFT Announcement

Injective (INJ) is one of the few tokens to have racked up impressive gains in the last week. While most of the assets in the crypto market were marked by insignificant price actions leading to little gains or losses, INJ stood out with an excellent price movement to become one of the biggest weekly gainers. 

According to data from CoinMarketCap, Injective’s price gained by 19% in the last seven days boasting of a market performance only beaten by four other tokens – RNDR, AGIX, MASK, and CFX – in the entire top 100 crypto ranking. 

INJ initially began the week trading around a price region of $6.08 and soon recorded consecutive gains and losses before experiencing a price hike on May 17 to hit a market price of $6.7

Following this price boost, INJ showed signs of consolidation for the next two days before starting its current bullish run.

NFT Surprise Announcement Boosts INJ Price 

Interestingly, the price rally by INJ in the last week appears to be due to an exciting announcement made by the project developers six days ago.

On May 13, the team behind the Injective blockchain tweeted a statement urging the user community to interact more with dApps built on Injective or its L1 chain, stating there could be a chance to receive an “NFT-related surprise.”

It might be a good idea to interact with dApps built on Injective or the L1 chain itself.

Make a transfer, trade on a dex built on Injective, bridge assets, stake INJ, etc.

Who knows there might be an NFT related surprise in the works

— Injective (@Injective_) May 13, 2023

This announcement sparked much excitement within the Injective community, which has been represented not just in price but also in the network activity. 

According to a tweet by @Iryna_Everstake, blockchain manager at network validator service Everstake pool, the Injective blockchain recorded a substantial increase in several network parameters over the last week as follows – +688K INJ staked, +470 delegators, +130 new wallets, and +295M in cumulative trading volume. 

The Injective community seems to be following the advice to interact w/ dApps or the chain itself to get ready for an upcoming NFT-related surprise@Injective_ stats over the last 5 days: +688K $INJ staked, +470 delegators, +130 new wallets, +295M in cumulative trading volume pic.twitter.com/N9z9aWw5aQ

— Iryna | Everstake (@iryna_everstake) May 19, 2023

At the time of writing, INJ is trading around $7.0, having gone up 4.73% in the last day. However, it is worth noting that INJ is down by 13.8% from its value as of a month ago. That said, with a circulating supply of 80 million tokens, INJ has a stunning market cap value of $563.7 million.

Altcoins End The Week With Massive Whale Movement

Asides from INJ’s impressive performance this week, another talking point for most investors was the unexpected big altcoin transactions that capped off the work week. According to the on-chain analytics platform Santiment, some mid and low-market cap assets recorded whale activity to the tune of eight-figure transactions.

Of these many assets, MTL, POWR, AERGO, and DIAA recorded the biggest transactions, which were $37.89M, $30.74M, $30.23M, and $18.92M, respectively.  That said, Santiment stated that when small assets such as these record such high transactions, they could be up to something and thus are worth investors’ attention.