Analysis

This small-cap altcoin is up 110% in just one day

A small-cap altcoin made an amazing move, doubling in less than a day, while most of the crypto market corrected.

Injective Protocol (INJ) is a decentralized exchange (DEX) that altcoin offers margin trading, derivatives and other services on an extensive cross-chain platform.

The project optimized connections to the Ethereum mainchain while being supported by a Cosmos-powered Layer 2 sidechain infrastructure. Injective’s architecture also allows for zero gas charges while managing network congestion.

INJ is the exchange’s first governance and utility token that acts as collateral, security, incentive and fees. The token caught fire this weekend, skyrocketing from around $4.78 on Friday to $10 the next day, up nearly 110% in just 24 hours.

The token’s parabolic movement coincides with a number of developments, including the Injective team’s announcement that they are working on a new user interface that will allow anyone to list a spot market trading pair simply by listing a spot market trading pair.

The team also announced that it has enabled leveraged trading on its platform with no gas fees on Cosmos Perpetual Futures (ATOM).

INJ has cooled off from its price boom and is currently trading at $6.8.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.