Social media buzz around Injective Protocol (INJ) has surged according to AlphaScan’s data on December 12, with a notable increase in both daily and weekly mentions. INJ now stands as the second most talked-about token on social platforms, following Bitcoin (BTC).
This recent spike reveals that nearly 30% of INJ’s weekly mentions occurred in the last 24 hours, while 37% of the monthly mentions took place within the past week, emphasizing the escalating interest in the project. However, short-term data suggests that Solana, Avalanche, and Ethereum have more substantial mentions over the week and month.
The rise in social activity aligns with an upward trend in INJ’s prices, surpassing leading cryptocurrencies in recent performance according to AlphaScan. If the upsurge in social chatter influences price action, there’s potential for INJ to sustain its gains.
Analyzing INJ’s daily chart showcases the coin hitting 2023 highs, indicating a bullish breakout trend that surpasses resistance levels from November 2023. The increased trading volumes support this rally, indicating further potential for upward movement and heightened social engagement around the project.
Injective Protocol operates as a decentralized exchange (DEX) on a layer-2 solution, enabling faster and more scalable trading than traditional DEXs. Its features encompass various decentralized finance (DeFi) applications, including derivatives trading and synthetic asset issuance.
While the growing interest in Injective Protocol may be attributed to its unique functionalities and partnerships, like its recent collaboration with Google Cloud, the correlation between social activity and potential price hikes for INJ remains uncertain. Nevertheless, with INJ trending at new highs in 2023 and expanding trading volumes amid the broader crypto market recovery, the possibility of INJ soaring to surpass $25 in the near future is promising.
