INJ price reaches new all-time high: Why is INJ rising?
The price of the interoperable Layer 1 protocol Injective (INJ) has risen by 61 percent in the past week.
The price of the interoperable Layer 1 protocol Injective (INJ) has risen by 61 percent in the past week. In the last 24 hours, the INJ share price has risen another 16 percent and has reached a new high.
The blockchain, which is based on the Cosmos SDK, was specially developed for the decentralized financial sector. The focus is on offering decentralized apps. The protocol allows developers to create highly developed and scalable dApps using its plug-and-play Web3 modules.
Why is Injective (INJ) up?
One of the drivers in recent days has been Injective's weekly token burn. The most recent burn saw more than $65,000 worth of INJ permanently removed from circulation.
During the incinerator auction, Injective also saw a significant increase in total INJ staked. According to on-chain data, more than $1 billion worth of tokens have been staked to date.
These prospects put pressure on Injective ahead of a recently announced upgrade called Volan. According to the Injective team, this will be the largest mainnet upgrade in the history of the layer-1 blockchain.
Injective previewed the Volan upgrade on November 30, which may also have influenced the share price gains. Activity on Injective-based decentralized exchange platform (DEX) Helix has also contributed to the uptrend.
