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INJ Nears All-Time High – Gains Over 80% In October
- INJ nears its all-time high that it set in mid-2021.
- The popular Layer One blockchain project has outperformed nearly all other coins in October, posting gains of +80%.
- The bull run comes on the back of a series of strong fundamentals and steady developments, rather than one major piece of news.
Popular altcoin Injective (INJ) has brushed aside Bitcoin’s recent dominance to record impressive gains through the month of October, outperforming nearly all major competitors. The native token is up 83% over a one-month period, with most of that price hike coming over the past couple of weeks. The current bull run appears set to challenge Injective’s early all-time high (ATH) of $22.19 (AUD $34), with the price the highest it’s been since this time two years ago.
What is Injective?
The project burst onto the scene amid the bull run of 2021, positioning itself as a layer 1 blockchain for hosting the next generation of decentralised applications. The ecosystem is rife with decentralised exchanges (DEXs), lending protocols and other DeFi markets. Perhaps the biggest draw of the network is its cross-chain bridging capabilities, which make it compatible with popular DeFi competitors such as Ethereum, IBC (Cosmos) and Solana.
Injective’s base code is built upon the open-source workings of the Cosmos SDK, and its consensus mechanism is built on Tendermint’s proof-of-stake system. This means the blockchain is highly scalable, with the ability to host a throughput of 10,000 transactions per second while maintaining low fees.
What’s behind Injective’s Run?
There isn’t any one piece of news related to Injective’s terrific October. Rather, the coin has demonstrated strong fundamentals all year while the rest of the altcoin market has been bleeding cash. Over a one-year timeframe, INJ is up a whopping 523% – but even before the October explosion the coin was still trading about 300% higher than it was at the end of 2022.
Source: CoinMarketCap
Clearly, investor appetite for INJ outweighed the middling market conditions for other altcoins. On top of this, notable developments have slowly trickled into the ecosystem over the past little while. Take the release of Cascade, a Solana SVM rollup that allows app developers to release their Solana products on the Injective blockchain, tying the two ecosystems together. Additionally, tokenomics show strong room for growth, as 83% of all INJ is already circulating. Basic supply and demand metrics may be playing a role in the coin’s performance, as investors look to secure their slice of the pie before the token becomes more scarce.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
