{"id":526611,"date":"2023-04-12T14:30:58","date_gmt":"2023-04-12T14:30:58","guid":{"rendered":"https:\/\/uniquehot.com\/?p=526611"},"modified":"2024-06-11T14:35:18","modified_gmt":"2024-06-11T14:35:18","slug":"inj-token-holds-23-gains-as-wider-market-turns-red","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/inj-token-holds-23-gains-as-wider-market-turns-red\/","title":{"rendered":"INJ Token Holds 23% Gains As Wider Market Turns Red\u00a0"},"content":{"rendered":"
The crypto market volatility has become overwhelmingly high lately, with coin prices turning unexpectedly bearish instantly. Most coins are trading in the red zone, with some surrendering past week’s gains. But a few coins showed resilience, trading in green with most of their past week’s gains intact.\u00a0<\/span><\/p>\n Among these is Injective (INJ), holding over 23% on the <\/span>weekly chart<\/span> when top coins turned bearish. <\/span>INJ<\/span> is among the coins trading with gains today, with a 7.85% price increase in the last 24 hours. But that\u2019s not all; the token registered a more than <\/span>74% price increase<\/span><\/a> over the past 30 days.<\/span><\/p>\n Investor sentiment on most coins has turned bearish as the market expects the release of the March CPI data today, April 12. It manifested in the ongoing market-wide downturn, which pressed down cryptocurrency prices across the crypto market. Why is INJ soaring when other crypto prices slumped?\u00a0<\/span><\/p>\n Related Reading: Bitcoin\u2019s Slowdown At $30,000 Only Temporary, Here\u2019s Why<\/a><\/p>\n The answer could be in the various ongoing ecosystem developmental projects. The injective community recently <\/span>voted for a governance proposal 219<\/span><\/a> that will allow Pyth Network to migrate to the Injective mainnet.\u00a0<\/span><\/p>\n According to the report, the migration will make Injective the only IBC-enabled L1 protocol to have Pyth on-chain. It would allow users seamless access to crypto and real-world asset data.<\/span><\/p>\n On April 11, the Pyth network successfully launched on the Injective mainnet. To celebrate the integration, Injective <\/span>announced<\/span><\/a> a $5,000 hackathon prize for developers building on the blockchain. This and other ecosystem developments must have contributed to INJ’s price performance.<\/span><\/p>\nINJ Price Could Derive Support From Ecosystem Developments<\/h2>\n