Injective Price Up 30% in Seven Days, This New Web3 Coin is Tipped For Similar Success – Time to Buy?
Injective (INJ), which describes itself as the fastest proof-of-stake layer-1 blockchain that is “shaping the future of finance”, has seen its price pump recently.
Indeed, in the last seven days, its price has rallied over 30%, making it the best-performing cryptocurrency in the top 100 by market capitalization over this time period according to CoinGecko.
The rally has eased in the last few days.
INJ/USD was last changing hands close to $9.0, down around 10% from earlier weekly highs at $10, but also up around 10% from earlier session lows in the low-$8.0s.
On the month, the cryptocurrency is up a stunning more than 100%.
Meanwhile, gains on the year are above 600%.
INJ has a market cap of around $720 million, ranking it as the 67th largest cryptocurrency in the world.
The cryptocurrency’s pump came ahead of an announcement of a partnership with Chinese tech giant Tencent’s Cloud subdivision.
According to a tweet put out by the official Injective Twitter account on the 17th of April, the two are joining forces to “support builder in the Injective ecosystem”.
“This collaboration aims to contribute to the growth of the Injective ecosystem, starting with developers in the Injective Global Virtual Hackathon”.
For reference, Tencent is the largest Chinese company by market capitalization and one of the biggest companies in the world.
So the partnership is a big deal.
The blockchain also recently surpassed the 200 million mark, a hugely impressive milestone.
It's no surprise that INJ has run out of momentum in the $10 area.
This was a key local top from back in early February 2022.
If the cryptocurrency is able to maintain its recent upside momentum and break above the key psychological $10 level and resistance in this area, then a rally
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