Home Altcoin Injective (INJ) Records the Highest Spike in Daily Trading Volume

Injective (INJ) Records the Highest Spike in Daily Trading Volume

  • INJ’s trading volume spiked 508% from $2.5M to $15.3M in 3 days.
  • Injective’s new protocol upgrade — Avalon — is expected to commence on June 1.

Cryptocurrency Injective (INJ) shoots up to the top, capturing investors’ attention with its three consecutive daily green candles laid this week. Significantly, INJ’s 24-hour price surge on Monday bolstered its spot on the top gainers’ charts.

Remarkably, the trading volumes of INJ highlight a positive landscape. In the past 3 days, Injective trading recorded astounding surges in volumes. On May 27, daily trading volume was at $2,520,236 and it rose to $15,342,611 on May 29 after surging by 508%.

In spot markets, INJ volumes observed a 671% surge — from $528K to $4.07M — and in derivatives markets, a 465% surge — from $1.9M to $11.2M. Just before the notable spike, the project initiated a weekly burn of 5,689,124 INJ. Furthermore, this Cosmos IBC-enabled blockchain has lined up a protocol upgrade, Avalon, for this week. Currently, it stands as a proposal with 99.74% approval.

To note, the Avalon upgrade will facilitate the revamp of the Injective Chain — from v1.10 to v1.11. Once the proposal is approved, the migration is likely to occur on June 1 at 14:00 UTC.

Injective Still in Bearish Zone

Injective (INJ) has been one of the top cryptocurrencies that hold maximum year-to-date (YTD) gains — 484%. INJ jumped from $1.27 at the start of 2023 to $9.8 in April and currently hovering between $7.5 and $8. Despite this, INJ is under the spell of the bears.

According to the above chart, the negative MA crossover — the 8-day moving average overtaking 5-day moving average — confirms the ongoing bearish trend. On the other hand, the parabolic SAR hovering below the current price action also points to its bearish state. 

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Disclaimer: The views expressed in this article are for informational purposes only and do not necessarily reflect the opinions of TheNewsCrypto. The content provided should not be considered investment advice. 

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