Injective’s price hit a new all-time high of $44 on December 20, 2023, showing an impressive 3,200% increase for the year 2023. Looking at the data from the blockchain, it’s observed that the major investors in the Injective system started buying more when the INJ price went beyond its previous highest value of $22. This article discusses the prediction for the future price of INJ. The big question is whether the INJ price poised to grow massively in 2024?. Let’s take a look at this INJ price prediction article.
INJ Price Prediction: How has INJ price moved in recent days?
As of now, the price of Injective is $34.93, and it has a 24-hour trading volume of $637.68 million. The market cap is $3.09 billion, and Injective holds a 0.19% market dominance. Over the last 24 hours, the INJ price increased by 1.05%, and in the last hour, it went up by 3.02%.
Injective achieved its highest price on January 9, 2024, reaching an all-time high of $45.17. On October 29, 2020, it had its lowest recorded price of $0.664050. Since its all-time high, the lowest price was $33.33 (cycle low), and the highest price reached was $35.11 (cycle high). The current sentiment for Injective’s price prediction is optimistic, and the Fear & Greed Index stands at 50, indicating a neutral stance.
The circulating supply of Injective is currently 88.39 million INJ out of a maximum supply of 100.00 million INJ. The yearly supply inflation rate is 21.08%, resulting in the creation of 15.39 million INJ in the last year. In terms of market cap, Injective is ranked #5 in the DeFi Coins sector, #2 in the Layer 2 sector, and #1 in the AI Crypto sector.
INJ Price Prediction: Is INJ Price poised to grow massively in 2024?
Injective has made a cool improvement called “gas compression,” which basically means that doing stuff on their platform is now way cheaper than in other crypto places. This includes things like staking, trading, and lending, where you won’t have to pay anything for the transactions. For example, creating 1,000 NFTs on Injective only costs $0.30, which is way less than what you’d have to pay on Ethereum or Polygon.
Because Injective’s system is super fast and has this gas compression thing, developers can now do new and exciting things on their platform. This marks the start of a cool era for Injective and the whole Web3 world!
In other words, Injective has introduced a major improvement called gas compression, making transactions on their platform the cheapest in the entire crypto world. Now, any action you take on the platform, like staking, trading on a dApp, lending, creating an NFT, or voting on a proposal, won’t cost you anything.
This not only brings in a new era of innovation for Injective but also makes it a great starting point for users. By lowering costs, Injective could a leader in the L1 space, being the most scalable and affordable blockchain platform out there.
This opens up a bunch of possibilities for developers, users, and institutions. The validators, the folks who help keep the network running smoothly, played a crucial role in making this cost reduction happen.
The reduced costs apply to all Injective development tools and products, making it easy for users to transition smoothly. Injective’s dApps (decentralized applications) can take advantage of these lower gas prices by adjusting their settings to the new rate.
With lower transaction costs on Injective, high-frequency traders or dApps needing lots of transactions can now send hundreds or thousands per second at a much lower cost compared to other platforms. The fast block times on Injective, combined with gas compression, let developers do new and cool things on the platform that wouldn’t be possible anywhere else. These features could trigger INJ price in 2024.
How to Buy INJ ?
For those looking to buy INJ, Bitget is an excellent platform to consider. Known for its low transaction fees and user-friendly interface, Bitget facilitates an easy and efficient process for buying and selling INJ. Given the current positive trend in INJ price and the optimistic outlook of the cryptocurrency market, now might be a strategic time to consider adding INJ to your investment portfolio.
