The post Why is Injective (INJ) Price Rising? appeared on BitcoinEthereumNews.com.

Volatility is the nature of the cryptocurrency market with prices often changing drastically because of various factors. Injective (INJ) has gained traction among investors and enthusiasts alike, after recovering from a notable decline. Even with a significant over 60% drop over ten weeks in the recent market decline, the price of INJ is now increasing, showing a 6% over the past day. This revival has brought hope to analysts who think that INJ may have hit rock bottom. What is causing this increase in price? Let’s explore the main reasons for the recent increase in Injective (INJ). Current Market Performance of Injective (INJ) Injective is currently trading $26.37, demonstrating an increase of 6.22% in the past day. Although the token has witnessed a slight decline of 0.6% in value, it has seen an uptick of 8.95% over the past month. This growth has pushed the market capitalization to $2.46 billion, earning a position among the top 50 largest cryptocurrencies. Additionally, the market is experiencing heightened activity as witnessed by the 66.26% in INJ’s 24-hour trading volume to reach $109.2 million. Factors Driving the  Injective (INJ) Price Rise Various reasons are behind the rising in Injective price 1. Encouraging Ecosystem Developments Injective Protocol has been gaining attention in the decentralized finance (DeFi) industry due to its decentralized derivatives exchange and ability to work across different blockchains. These developments have not just strengthened its environment but also encouraged a positive perspective among investors. The unique method of DeFi solutions on the platform is drawing interest from individuals looking for potential growth in the crypto industry for the long term.. 2. Integration with Binance Pay A significant development contributing to INJ’s price rise is its integration with Binance Pay. Binance Pay, a leading payment platform in the cryptocurrency space, has officially incorporated Injective…

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Filed under: News - @ June 6, 2024 4:10 am