Injective (INJ) Token Surges 3,000%: AI Narrative and Airdrop Farmers Fuel Rally
- Injective’s native token, INJ, has surged 3,000% since the start of 2023, driven by expectations of a broader altcoin rally and the trend of airdrop farmers.
- Investors are flocking to the infusion blockchain as its native token, INJ, hit an all-time high of $39.15, up 3,000% since early 2023.
Injective’s AI-centric technology is becoming increasingly popular in the DeFi industry, evidenced by the significant increase in market capitalization of AI-centric tokens such as FET and GRT.
The Rise of AI in DeFi
Injective is a Cosmos-based blockchain that combines AI technology and DeFi. dApps can use AI algorithms to improve market efficiency and optimize decisions for users, such as trading on decentralized exchanges.
According to CoinGecko, the overall market capitalization of AI-focused tokens such as FET and GRT have increased by more than 1,500% and 450%, respectively, since the beginning of 2021. This growth can be attributed to the growing popularity of AI technology in DeFi. industry.
Is there a reason for airdrop farming to increase rapidly?
Another factor contributing to the surge in INJ is the trend of airdrop farmers moving from blockchain to blockchain in search of freshly minted token airdrops. Many projects built on Injective have seen airdrops, which has attracted the attention of traders looking to secure these new tokens.
According to Xangle, approximately $1.6 billion worth of cryptocurrency was distributed through airdrops in 2021 alone. This trend is becoming increasingly popular in the DeFi industry because it gives traders the opportunity to earn additional tokens without having to invest significant amounts of capital.
as a result, As the DeFi industry continues to grow and evolve, we will 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 could see further growth and adoption of INJ and other AI-focused tokens in the future.