Injective price: INJ skyrockets as Helix debuts innovative product

Injective (INJ) rose to its highest price since December 2021, hitting highs of $12.75 on Tuesday October 24. The altcoin’s impressive gains now see trade 60% up in the past seven days and more than 540% in the past year.

Why is the price of Injective rising?

While Bitcoin’s earlier burst to highs of $35k had injected a dose of optimism in the crypto market to see several altcoins rally higher, Injective’s soaring price is likely to have been aided by recent sentiment around the project.

The staggering momentum is highlighted by the price action seen since INJ/USD touched a low of $1.22 in December 2022. This has aided the interoperable layer-1 blockchain’s overall market. According to data from CoinGecko, the interoperable layer-1 blockchain that powers multiple DeFi applications, including decentralized exchange Helix, has crossed above the $1 billion market cap line.

With network growth also driven by its prediction markets and lending protocols, Injective has risen to 47^th with a market cap of $1.06 billion as of writing.

As Bitcoin led the market over the past 24 hours, INJ benefitted from fresh momentum catalysed Helix’s new pre-launch futures product. Announced on October 19, the product allows traders to speculate on yet to be released tokens – a scenario that has seen trading volumes on Helix skyrocket.

Helix just had its highest trading volume day in months, getting over $76,000,000 in the last 24 hours alone 🚀

— Helix 🧬 (@HelixMarkets) October 24, 2023

Helix’s official unveiling of the “pre-launch” product, with a listing of the Celestia (TIA) token markets looks to have triggered an influx of new users to the Injective blockchain. The price reaction is more likely a mark of bullish sentiment on the network’s future.

In terms of INJ price, the short term target could be the all-time high of $24.89 reached in April 2021. At current levels, bulls are more than 48% off that target.