Here’s why Mark Cuban-backed Injective (INJ) price has soared

Injective (INJ) price has made a strong rally in the past few months, making it one of the best-performing cryptocurrencies this year. INJ soared to an all-time high of $13.35, giving it a market cap of more than $1.1 billion. This makes it the 44th biggest cryptocurrency in the world.

INJ rally explained

Injective has jumped by more than 1,000% from the lowest level in 2022. For starters, Injective is a protocol is a leading blockchain that is backed by Mark Cuban, the billionaire owner of Dallas Mavericks.

Unlike other popular blockchains like Ethereum, Solana, and Cardano, Injective was created to focus on the finance industry. It has more tools that enable developers to build dApps in industries like lending, savings, trading derivatives, and even oracles.

Injective’s network is known for its superior speeds compared to other networks. It can handle thousands of transactions per second (TPS) with the average transaction cost being less than $0.01.

Injective is growing very fast. It has already produced over 49 million blocks and handled over 310 million on-chain transactions. Some of the top dApps in its ecosystem are Helix, Mito, Black Panther, and Talis.

There are two main reasons why INJ price has jumped this year. First, the developers launched Injective Nexus, which is integrated with Google Cloud. This means that developers can have access to all the tools that Google Cloud offers.

1/ Introducing Injective Nexus: Injective’s official data integration & availability on Google Cloud.

Now core chain data from the Injective network will be accessible in BigQuery through the Analytics Hub, Google Cloud’s exclusive data sharing platform.https://t.co/V5gOyvAQe2

— Injective 🥷 (@Injective_) October 24, 2023

Growing ecosystem

The other reason why INJ price has surged is that its ecosystem is growing. Earlier this week, the developers announced that Dagora had launched its NFT marketplace in the platform. Also, BitGo recently integrated Injective’s technology. BitGo is a company that serves investors and crypto builders from around the world.

Another reason is that INJ token has continued being burned. Over $70 million worth over $70 million tokens have already been burned. Burn auctions happen every week, which helps reduce the supply.

Finally, Helix, a leading player in the ecosystem, has seen the highest transactions on record. Helix is a decentralised exchange (DEX) that makes it possible for people to buy and sell cryptocurrencies like Cosmos and Kava.

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

— Helix 🧬 (@HelixApp_) October 24, 2023

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