Rapid Rise of Injective Following Recent Burn Auction and OKX Listing

  • Injective (INJ) saw an impressive rise of nearly 10% as it reached an intraday high of $18.24.
  • This surge can be attributed to OKX adding support for INJ on its spot markets, as well as the community burning over $65k worth of INJ.
  • Despite this impressive increase, INJ price is still 28% below its all-time high of $24.89 reached in April 2021.

Injective (INJ) experienced a significant rise on Thursday thanks to positive developments that helped the bulls break above recent resistance levels. The INJ token soared to intraday highs of $18.24, marking nearly double-digit gains on the day as it pushes towards the all-time high above $20.

OKX lists INJ, burn auction continues

On November 30, OKX announced support for Injective (INJ), opening deposits for INJ/USDT at 6 am UTC and spot trading at 10 am UTC.

The Injective team also revealed that the community burned $65,000 worth of tokens (3,986.52 INJ), contributing to the weekly burns that have been taking place every Wednesday since the mainnet launch in 2021. The weekly burn accounts for 60% of all dApps fees.

3/ Yesterday, over $65,000 worth of $INJ was burned pic.twitter.com/b59ZKHlx0c

— Injective (@Injective_) November 30, 2023

With today’s gains, following the recent burn action and the listing of INJ for spot trading by crypto exchange OKX, it is likely that the all-time high of $24.89 achieved in April 2021 could soon come into view. The price is now just 28% away from the current rate of $18.06 as of writing.

Injective has surged over 18% in the past week and 37% over the past month. The price of the layer-1 blockchain’s native token has increased by 940% since hitting new lows a year ago. Trading volume has risen by 56% in the past 24 hours to over $128 million.

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