Driven by heightened futures trading volumes and leverage, the price of Injective (INJ) has soared to unprecedented levels of around $38.49, marking a remarkable 2,700% surge year-to-date.
Notably, within a single day, the native token of the decentralized finance (DeFi) platform Injective, exhibited resilience and potential, demonstrating a noteworthy increase of 24% in its value.
In the context of the cryptocurrency market’s ever-changing dynamics, INJ has emerged as a standout performer, positioning itself as one of the top gainers amidst the series of surges and corrections experienced by leading tokens.
Analysts have identified a number of major factors that have contributed to this startling rally, including the surge in trading volumes for INJ perpetual futures contracts, which exceeded $25.5 billion in a single day, the incentives offered by centralized exchanges to create volatility, and the acceleration of short-term traders who are seeking leverage.
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