Injective, the blockchain project that has been making waves in 2023, recently experienced a remarkable surge in its social dominance, hitting a four-week high. This surge, a clear indicator of attention and visibility in the crypto space, left many investors wondering if there’s more upside in store for Injective.
The primary reason behind this social dominance surge is the imminent launch of the Helix DEX on the Injective blockchain. Helix DEX is set to introduce pre-launch futures for popular token markets, offering traders an equal opportunity to access these markets before their official release. It’s no surprise that this development has sparked excitement, especially given the growing demand for futures in the crypto environment.
Futures, as derivative investment avenues, provide an easy entry and exit into specific assets. The anticipation of the Helix DEX launch has injected a fresh wave of enthusiasm into the crypto community, culminating in Injective’s impressive surge in social dominance.
Injective’s native cryptocurrency, INJ, has been on a bullish trajectory, rallying over 11% in the last seven days, reaching a press time price of $8.22. Over the past 48 hours, INJ also saw a 3% uptick, driven by the buzz surrounding the Helix DEX. This surge in INJ’s price is attributed to the injection of liquidity into the market, as indicated by the Money Flow Index (MFI). Demand for the cryptocurrency has significantly increased in the last five days, resulting in approximately $4 million worth of liquidity being added to INJ.
Notably, INJ experienced a substantial uptick in on-chain volume, reflecting a surge in its market cap. While there is room for growth, traders should be cautious of the recent death cross, and the fact that INJ has recently retested a short-term resistance range. Despite these challenges, the overall sentiment surrounding Injective and INJ remains positive, driven by the forthcoming Helix DEX launch and the continued interest of traders and investors.
As the crypto space continues to evolve and innovate, Injective’s surge in social dominance serves as a clear indicator of the growing excitement and attention the project is garnering. With the Helix DEX launch just around the corner, the crypto community eagerly anticipates how this development would impact the broader crypto landscape and INJ’s future performance.
