- Injective’s native token, INJ, has surged by 3,000% since the start of 2023, driven by growing anticipation of a wider altcoin rally and the trend of airdrop farmers.
- Investors have been flocking to the injective blockchain as its native token, INJ, has surged to an all-time high of $39.15, representing a 3,000% increase since the start of 2023.
Injective’s AI-focused technology is becoming increasingly popular in the DeFi industry, as evidenced by the significant growth in market capitalization of AI-focused tokens like FET and GRT.
The Rise of AI in DeFi
Injective is a Cosmos-based blockchain that combines AI technology with DeFi. Its dApps can use AI algorithms to improve market efficiency and optimize decisions for users, such as trades on decentralized exchanges.
According to CoinGecko, the total market capitalization of AI-focused tokens like FET and GRT has increased by over 1,500% and 450%, respectively, since the beginning of 2021. This growth can be attributed to the increasing popularity of AI technology in the DeFi industry.
Is Airdrop Farming Reason to Surge?
Another factor contributing to INJ’s surge is the trend of airdrop farmers, who move from blockchain to blockchain in search of freshly minted token airdrops. Many projects built on top of Injective have confirmed an airdrop, which has attracted traders looking to scoop up these new tokens.
According to Xangle, an estimated $1.6 billion in cryptocurrency has been distributed through airdrops in 2021 alone. This trend has become increasingly popular in the DeFi industry, as it provides an opportunity for traders to earn additional tokens without having to invest significant amounts of capital.
To Conclude, the DeFi industry continues to grow and evolve, we will likely see more blockchains and projects incorporating AI technology into their platforms. According to a report by Deloitte, the global AI market is expected to reach $126 billion by 2025, up from $6.05 billion in 2018. As a result, we may see further growth and adoption of INJ and other AI-focused tokens in the future.
