Why is Injective (INJ) Price Rising Today?
Highlights
- Injective price recorded a surge of about 13% today.
- The Injective community passed a major governance proposal that has gained investors' attention.
- The INJ Futures Open Interest also soared, indicating a continuing rally ahead.
Injective price is one of the top gainers today with a surge of around 13%. The price jump comes as the ecosystem passed a major governance proposal to advance the next phase of the much-awaited INJ 3.0. Also, the recent rally reflects the growing confidence of investors in the AI coin segment. This is evident from the price rise for FIL and FET, among other tokens.
Factor Behind Injective (INJ) Price Rise
Injective has announced that it has passed a major governance proposal to advance the next phase of INJ 3.0. This development is focused on reducing the circulating supply of the INJ token. In other words, the primary objective is to make it one of the most deflationary assets in the times to come.
It comes after the community overwhelmingly voted in favor of the launch which was originally proposed around Bitcoin Halving. IIP-392 had received 99.99% favorable votes when it was tabled earlier in 2024.
On the other, hand, the rising interest of investors in the AI segment might have also contributed to its recent gains. It is further evident from the rise in price of FIL and FET. Both of them have marked significant surges in the last 7 days. Notably, FET token has gained notable traction amid the soaring AI hype, and its 5 million token burn plan.
Will This AI Token Continue To Rally?
Injective price was up nearly 13% today and exchanged hands at $25.99, while its trading volume skyrocketed 134% to $263 million. Notably, the token has touched a 24-hour high of $26.33, with a weekly gain of 25%. Simultaneously, CoinGlass data showed that INJ Futures Open Interest rose 20%, indicating a bullish sentiment in the market.
Having said that, it is likely that the token will continue its run towards the north in the coming days. Besides, the rising interest in the top AI coins could further boost its prices to a new level ahead.
Meanwhile, Donald Trump’s election win has also sparked optimism in the technology space, let alone the crypto market. Considering that, the AI coins could witness a continuing rally as global leaders shift focus towards technological advancements. However, it remains to be seen if the AI token succeeds in retaining the momentum amid high volatility.
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