Injective (INJ) Token Skyrockets with Massive Growth in 2023

• Injective has witnessed a massive growth of around 700%.
• INJ holds the top spot in the altcoin ranking by LunarCrush.

It has been a successful year for the Injective’s native token, INJ. The coin has witnessed a massive growth of around 700% in the past seven months. Following the bullish intent, INJ’s trading price rallied to reach a day high near $8.60 on April 14. Since April, the coin has shown a double growth in its trading price. By this, INJ joins the green season of altcoins.

Injective has come up with several updates in 2023, such as collaborating with Eclipse to launch the first interchain Solana Sealevel Virtual Machine (SVM), which is known as Cascade. The SVM allows the developers to build and utilize the Injective blockchain to deploy the Solana Dapps. The Cascade introduces the first iteration of leveraging interchain security for rollups. 

Injective has been the first blockchain to interface with both the Cosmos IBC standard and the Pyth network this year. The integration helps introduce institutional data to the ecosystem. 

Injective Developments Help the Price Surge

Moreover, the integration makes Injective the first Cosmos chain that developers can build using Pyth data. In March, the White Whale Protocol announced the launch of the airdrop of its WHALE tokens to the INJ holders. Recently, on April 10, the developers announced that there is an update in the Injective mainnet. The update would add the improvised smart contract capabilities to the mainnet.

However, all these updates had a great impact on the INJ token. At the time of writing, the trading price of the INJ is around $8.44, with an increase of 26.72% in the last 24 hours. Additionally, the trading volume of the coin has witnessed a massive surge of around 182%, according to CoinMarketCap. Moreover, the INJ token holds the first in the altcoin ranking by LunarCrush. If the INJ’s trading price continues to surge, the coin may rally to its next mark of $10.