Blockchain

According to the latest on-chain data, wallet addresses linked to the now-bankrupt FTX exchange and Alameda Research have transferred substantial amounts in crypto assets over the past week. This series of funds movement was first brought to the limelight by prominent blockchain analytics firm Nansen, who reported that more than $60 million had been moved.

However, further on-chain revelation shows that nearly $80 million has been moved from FTX- and Alameda-linked addresses in the previous week.

Nansen Uncovers FTX And Alameda’s $60 Million Transfer

On Friday, October 27, Nansen disclosed – via a series of posts on X (formerly Twitter) – that FTX has been transferring millions in digital assets, including Chainlink (LINK), Solana (SOL), Ethereum (ETH), Polygon (MATIC), etc, to various exchange addresses. 

Prior to this development, the analytics firm initially reported that around $8.6 million were moved to a Binance address. According to the latest Nansen data, FTX subsequently moved $24.3 million in various tokens to different addresses on Coinbase and Binance. 

Additionally, 943K SOL (just under $32M) has been moved from the FTX Cold Storage wallet

This is the address: 9uyDy9VDBw4K7xoSkhmCAm8NAFCwu4pkF6JeHUCtVKcX

That means the total funds that have moved from FTX and Alameda wallets this week is currently more than $60M pic.twitter.com/yNgakImsoV

— Nansen (@nansen_ai) October 27, 2023

The now-defunct exchange would later transfer 943,000 SOL (worth around $32 million) from its cold storage wallet on Friday. Based on Nansen’s data as of October 27, the total funds moved from FTX and Alameda wallets was above $60 million.

Has There Been More Transfers?

On Saturday, October 28, another blockchain data tracker, Lookonchain, offered an update on the recent transfer activities of the FTX- and Alameda-associated addresses. In a post on the X platform, the analytics platform revealed that FTX and Alameda moved an additional $20 million in crypto assets on Saturday.

According to Lookonchain, FTX addresses transferred 309,185 SOL (worth around $10 million), 2 million Band Protocol tokens (equivalent to $3.15 million), 3.82 Perpetual Protocol tokens (worth about $2.3 million), amongst other crypto assets. Using Lookonchain’s data, this brings the total value FTX has moved this week to $78.7 million.

While the purpose of these transfers is unknown, it remains to be seen whether they are associated with the exchange’s bankruptcy proceedings. And it comes after the FTX estate recently staked $122 million worth of Solana tokens.

FTX exchange has been looking to conclude its pending Chapter 11 court case, with a recent proposal offering customers more than 90% of their missing assets toward the end of Q2 2024. Meanwhile, former CEO Sam-Bankman Fried is currently on trial for seven counts of fraud-related offenses.

Amidst the crypto market’s recent surge propelled by rumors of the Bitcoin Spot ETF approval, PEPE, a noteworthy altcoin, made a strong move by announcing the burning of over $5.5 million worth of its PEPE tokens.

This smart decision resulted in a remarkable 30% surge within just 24 hours, propelling the value of PEPE to a two-month high. The surge in the crypto market triggered by the potential Bitcoin Spot ETF approval provided the perfect backdrop for PEPE’s strategic action, marking a significant upward shift in its value and indicating a resurgence in the altcoin space.

PEPE’s Impressive Market Performance

Recent data from crypto market tracker Coingecko highlights the impressive market performance of Pepe Coin. In the past week, the price of the meme coin has demonstrated an outstanding 61% surge, currently resting at $0.000001207, which marked a 0.84% gain at the time of this writing.

6.9T $PEPE Tokens worth ~$6,000,000 have been burned. https://t.co/aN5LRUFz8u

A new team of advisors have been brought on to guide Pepe forward. Uses for the remaining 3.79T tokens attributed to the original team CEX multi-sig wallet for strategic partnerships and marketing… pic.twitter.com/JN3ssvH0XL

— Pepe (@pepecoineth) October 24, 2023

This sustained upward trajectory not only underscores the coin’s resilience but also positions it as a significant player in the volatile crypto market, showcasing remarkable growth over a short period.

Anticipations in the market for Pepe Coin suggest an imminent test of buyers’ resolve around the support level. Observers foresee a scenario where a substantial influx of aggressive purchases during a price dip could trigger a strong rebound for the Pepe coin.

If this support indeed materializes, the coin is poised to potentially surge beyond the $0.0000019 mark. This projection not only signifies an opportunity for market momentum but also points to a critical juncture that could shape the near-future trajectory of Pepe’s value.

The fervor surrounding Pepe, the memecoin sensation, intensified as the cryptocurrency surged an impressive 38% following the much-anticipated release of its latest updates. Notably, Pepe Coin unveiled a fresh team of advisors, marking a pivotal strategic move aimed at shaping the coin’s future trajectory.

Amidst a week of substantial fluctuations in the crypto market, the spotlight fell on meme coins, with PEPE coin making a prominent appearance by almost doubling its value, reaching a market cap of $500.

The Growing Appeal Of Meme Coins

The success of PEPE coin signifies the growing influence and appeal of meme-based cryptocurrencies, which often rely heavily on online communities and social media engagement. The enthusiasm surrounding these coins is fueled by a combination of factors, including social trends, speculative trading, and the potential for quick, albeit risky, returns on investment.

However, it’s important to note that the extreme volatility and speculative nature of meme coins can lead to unpredictable price swings and potential risks for investors.

Elon Musk’s recent announcement regarding the incorporation of various payment methods into his platform, X, has sparked considerable interest and activity within the market. As the excitement surrounding the Bitcoin Spot ETF gradually subsided, the attention of the crypto market shifted towards meme coins.

DON’T MISS: #Dogecoin (DOGE) to Moon? #X to Implement Full Financial Service by 2024 $DOGE

TLDR: pic.twitter.com/dXze6p1LiC

— Discover Crypto (@DiscoverCrypto_) October 27, 2023

Specifically, the PEPE team’s decision to burn roughly 7 trillion tokens emerged as a key driver in the recent growth pattern. This strategic move significantly reduced the coin’s supply, potentially contributing to the increase in its value.

These collective events underscore the dynamic nature of the cryptocurrency landscape, where strategic decisions and external endorsements wield substantial influence over market sentiment and value fluctuations.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

Bitcoin’s surge past $35,000 on the 24th and 25th of October took the crypto world by surprise, as it indicated what might be the beginning of a new bullish sentiment. Trading volumes for the world’s largest cryptocurrency hit their highest levels since March, showing that interest in Bitcoin is booming once more.

The entire crypto market saw an inflow of funds during the week, leading to a surge in market cap. Data from CoinGecko shows that the entire market cap increased from $1.184 trillion on Sunday, October 22, to $1.312 trillion on Wednesday, October 25. Most of this inflow went into Bitcoin, which saw its share of the cryptocurrency market increase from 49.58% to 51.47 % during this same time period. 

Chart From CoinGecko

Daily Crypto Exchange Volumes Reach 8-Month High

The recent boom in Bitcoin and cryptocurrency prices pushed Bitcoin daily trading volumes on crypto exchanges to their highest level since March. According to The Block’s data dashboard, the seven-day moving average for spot exchange volumes across multiple exchanges hit $24.12 billion on Thursday and $23.98 billion on Friday, respectively. In comparison, Bitcoin trading volume on exchanges was at $11.02 billion on the first day of the month. 

A similar metric from IntoTheBlock shows Bitcoin transactions reaching 1.4 million BTC as bulls looked to push Bitcoin to $35,000.

Trading volumes are an important metric because higher volumes suggest greater interest and activity in a market. It means more people are actively buying and selling, leading to more liquidity and volatility.

Whale activity also increased during this time period, as indicated by on-chain trackers. Whale transaction tracker Whale Alerts has shown various BTC transactions amounting to millions of dollars to and from crypto exchanges. 

2,000 #BTC (68,255,228 USD) transferred from #Coinbase to unknown wallethttps://t.co/SdIJ87ZxNT

— Whale Alert (@whale_alert) October 26, 2023

2,000 #BTC (68,560,116 USD) transferred from unknown wallet to #Coinbasehttps://t.co/MJNn4HwswP

— Whale Alert (@whale_alert) October 26, 2023

1,499 #BTC (51,276,429 USD) transferred from #Binance to #Coinbenehttps://t.co/lVaDk8pYio

— Whale Alert (@whale_alert) October 27, 2023

What’s Next? More Bitcoin Movement?

Bitcoin has since formed a resistance level around $35,000 and is now trading in a range. At the time of writing, Bitcoin is trading at $34,150, still up by 14.47% in a 7-day timeframe. While price action seems to be moving sideways at the moment, there are still hopes of continued momentum from the bulls to push BTC past $35,000 in the new week. 

Matt Hougan, CEO of crypto index fund manager Bitwise, has hinted at a further inflow of money into Bitcoin. Hougan makes this prediction on spot Bitcoin ETFs to project an inflow of around $50 billion within the first five years of its launch. Others like crypto financial services platform Matrixport have made more optimistic claims. 

Data from analytics platform mempool.space has shown a sustained increase in activity on the BTC network. If bulls continue to maintain a strong push, we could see Bitcoin reach as high as $45,000 in the early days of November.

Featured image from Shutterstock

Another bullish prediction has come in for the XRP price which is arguably more optimistic than many would expect. This time around, a crypto analyst is expecting XRP to use up its stored energy for an explosive rally that could see the altcoin rally to $27, well above its all-time high. 

XRP Price Suppressed During Last Bull Run Because Of SEC Lawsuit

Crypto analyst ERGAG CRYPTO recently predicted that XRP is poised for a massive 4,000% price surge. ERGAG made this prediction in an X post, detailing how this price surge can be actually possible. According to the analyst, XRP’s price was suppressed during the last major crypto bull run in 2021 due to an ongoing lawsuit from the SEC against Ripple Labs, XRP’s creator. 

While Bitcoin and other altcoins were hitting new all-time highs, the XRP price struggled to keep up due to fears the lawsuit could severely impact the project’s future. For instance, during this time period, Bitcoin skyrocketed by 23X, and Ethereum also went up a whopping 58X. 

A federal judge in the United States has since determined that the programmatic sales of XRP do not constitute the selling of securities. Now that the lawsuit seems to be coming to an end with a settlement in sight, XRP is poised to make up for lost time and shoot up with this lost energy. 

The analyst predicts the XRP price could rally 40 times from its current level to $27 in the subsequent bull run, which would exactly coincide with the Fibonacci 1.618 indicator from the 2017 peak to the 2020 bottom.

Although a timeline for the next bull run is not known at the moment, ERGAG puts this spike to happen around mid-2024.

One day for sure. But suggestion March – May 2024 will be fire works.

— EGRAG CRYPTO (@egragcrypto) October 26, 2023

What’s Next For XRP?

The entire crypto market has witnessed gains since the middle of October, and the XRP price hasn’t been left out. Bitcoin, for instance, attained a new yearly high of $35,150. At the time of writing, XRP is trading at $0.547, up by 5.73% in the past seven days. 

Although its price is relatively low compared to other altcoins, XRP is still one of the strongest in the entire market, occupying the 5th spot in terms of market cap. 

ERGAG CRYPTO has also had some very optimistic price predictions for XRP in the past. While a $27 price point seems very overachieving, XRP could easily smash through its previous all-time high of $3.84 in the next bull market. The analyst had initially predicted that the altcoin might not see a new all-time high by July 2028.

Shiba Inu is up by 12.15% in a 7-day timeframe as investors continue to accumulate cryptocurrencies in the wider crypto market. However, on-chain data has shown that accumulation has been going on for a while, with SHIB whales now accumulating $300 million in the past three months. 

Shiba Inu Whales Have Been Accumulating Large Amounts Of SHIB

On-chain data from IntoTheBlock has shown that SHIB whales, meaning large holders, have been accumulating huge amounts of SHIB over the last few months. Large holders in the Shiba Inu ecosystem are divided into 12 whales (those with more than 1% of circulating supply) and 47 investors (those with more than 0.1% of circulating supply). These top SHIB wallet addresses have added an increase of +33.17%, around $300 million worth of SHIB in just the last 90 days.

Data from the on-chain tracker Whale Alerts has shown various massive transfers during this time period. When investors accumulate large amounts, it often signals an incoming price rally. 

4,544,030,677,374 #SHIB (32,142,200 USD) transferred from unknown wallet to unknown wallethttps://t.co/Y7jvL2qtJV

— Whale Alert (@whale_alert) October 21, 2023

These massive accumulations by large holders point to their bullish belief in SHIB, despite the crypto having a weak momentum before the ongoing spike in the crypto market. 

This accumulation can, for the most part, be traced back to the introduction of Shibarium. The layer-2 solution developed by Shiba Inu, known as Shibarium, has had a good deal of success. At the time this article was written, the Shibarium blockchain had a total of 3,685,073 transactions and 1,257,858 wallet addresses.

SHIB Future Outlook

SHIB has had a price spike in relation to the ongoing inflow of funds into the crypto market currently being spearheaded by Bitcoin. At the time of writing, SHIB is trading at $0.00000784 after facing rejection at the $0.0000082 mark. 

Bulls have defended the $0.0000061 support level and $0.0000077 levels very strongly to form support after the price tested the latter level multiple times. A sustained move above $0.0000082 could send SHIB skyrocketing to its August high of $0.00001137.

Large SHIB holders now hold 71% of the total circulating supply, and some of them can manipulate the price to their advantage. While whale accumulation is a positive sign, there are other things to consider regarding SHIB’s price outlook. On the other hand, the Shiba Inu developers and team leaders have pointed at upcoming projects in the ecosystem, one of which is a stablecoin based on Shibarium. If successful, a SHIB-based stablecoin could attract new investors to the Shiba Inu ecosystem, leading to a strong SHIB price spike.

Bitcoin has once again reclaimed $34,000 even as the euphoria around the possibility of a Spot Bitcoin ETF being approved soon. Following this, there is the need to look at the predictions of certain analysts who have weighed on the future trajectory of the flagship cryptocurrency from its current price action. 

Where Is Bitcoin Headed From $34,000?

In a post shared on his X (formerly Twitter) platform, the CEO and Founder of trading platform MN Trading, Michaël van de Poppe, stated that the crypto was fighting $34,700 as resistance and that if it were to break out from that level, the crypto token could rise to as high as $37,000 to $38,000.  

Still interesting to keep an eye on #Bitcoin.

Fighting $34.7K as resistance, through which a breakout there should lead to $37-38K.

On the other hand, areas between $32.6-33.1K, if we get there, areas of longing.

Corrections are usually quite swift in upwards trends. pic.twitter.com/DTOYcoCQIK

— Michaël van de Poppe (@CryptoMichNL) October 26, 2023

He also seemed to suggest that $32,600 and $33,100 were key support levels to keep an eye on as he labeled them “areas of longing.” Another crypto analyst, CryptoTony, projects that Bitcoin could still spike up to $36,000 before “rejecting and letting the range begin.” 

$BTC / $USD – Update

Still looking for that spike up to $36,000 before rejecting and letting the range begin. I will be long while we are above $30,000 personally, as we entered at $29,000

Range bound environment is where #Altcoins will flourish and capital will rotate pic.twitter.com/TC09TWWHll

— Crypto Tony (@CryptoTony__) October 27, 2023

Bitcoin Halving has become an important metric in making price predictions as the event draws near. In line with this, crypto analyst CryptoCon mentioned that the 2-Year-Old Cumulative Bands MVRV (Market Value to Realized Value) indicates that the pre-halving woes have occurred. 

Bearing this in mind, CryptoCon seemed bullish on the crypto token as he stated that “Bitcoin has something special in store for us next.” The analyst had recently predicted that Bitcoin could hit $45,000 as early as November based on their analysis of historical data and past cycles. 

Another crypto analyst, Crypto Rover, also mentioned using technical analysis that a bull flag was breaking out on the charts. This suggests that the rally already experienced might be nothing compared to what is on the way. 

33.7 Trillion reasons to buy #Bitcoin pic.twitter.com/TQMNlK60Sx

— Crypto Rover (@rovercrc) October 28, 2023

Bitcoin In A League Of Its Own

Several crypto analysts have, over time, noted the correlation between BTC and the stock market. Bitcoin is said to experience a decline whenever stocks are down and an upward trend whenever these stocks are on the rise. However, recent data suggests that this trend might be over (for now, at least).

In a post on the X platform, Bitcoin Magazine noted that Bitcoin has so far decoupled from the Nasdaq, S&P 500, and Dow Jones this month. Bitcoin is up by over 28% in October, while the Nasdaq and S&P500 have had a relatively quiet month with just over 3% gains this month. 

Bitcoin is also hitting new highs (this year) in its dominance over the broader crypto market. Data from TradingView shows that the coin’s dominance currently stands at close to 54%. The flagship cryptocurrency has enjoyed an upward trend since the year began and hasn’t seen any significant competition from Ethereum despite talks about ‘The Flippening.’

Featured image from iStock

SOL, the native token of the Solana blockchain, has been one of the biggest winners in the crypto market lately, delivering another positive price performance over the past week. This impressive price action reflects the increased interest in the altcoin and the recent shift in the climate of the general crypto market. 

Interestingly, asset management firm VanEck is amongst the latest entities showing interest in the Solana token and the altcoin’s prospects.

VanEck Predicts Potential 10,000% Rally For Solana

In a report published on Friday, October 27, prominent asset management company VanEck created different valuation scenarios for the SOL token. This price projection revolved around the current capability and potential of the Solana blockchain.

Our Solana Valuation by 2030: Base, Bear, Bull Case piece dropped in time for @SolanaConf. https://t.co/5jijxItZip

— VanEck (@vaneck_us) October 27, 2023

In a base case, VanEck believes that Solana can hold a 30% share in the smart contract market, a significant increase from the network’s current market share. Using this valuation framework, the asset manager projects SOL price to reach $335 by 2030.

Comparatively, Ethereum can achieve a 70% market share of value transmitted across open-source blockchains, according to the report. This projection makes $11,800 a possible destination for ETH’s price by 2030.

Nevertheless, VanEck presented a bull case for SOL in its analysis, putting forward a $3,211 price target for the altcoin in the best possible scenario. The asset management firm said:

Were Solana to avoid Ethereum’s event horizon and achieve Ethereum-like dominance, our bull case reveals $51.8B in revenues and a $3,211 price target in 2030.

It would take the Solana token a massive 10,000% price rally to reach $3,211 from the current price point. Now, it is worth mentioning that there was also a pessimistic scenario for SOL in the VanEck report, with the token projected to trade below $10 in a bearish case.

VanEck, one of the world’s largest asset management firms, has been an active participant in the cryptocurrency space over the past few years. The financial behemoth is one of the few companies looking to launch a Bitcoin spot exchange-traded fund in the United States.

SOL Price Overview

As earlier inferred, Solana has been on an upward trajectory over the past few weeks. Since initial concerns of a significant sell-off by FTX have subsided and the general market sentiment has improved, the altcoin’s price performance has been positive.

As of this writing, the SOL token is valued at $32.19, reflecting a 2% in the last 24 hours. However, the cryptocurrency has maintained most of its recent profits on the weekly timeframe, with a 14% price jump in the past seven days.

Chainlink (LINK) has emerged as one of the top cryptocurrencies in the last week following an impressive market performance which saw the token gain by 46.49% in the past seven days.

Even amidst whale movements, which suggest that investors are taking profit, LINK has managed to maintain its bullish momentum, gaining by 6.10% in the last day to above the $11 mark.

However, despite the positive sentiment that has currently overwhelmed the LINK market, some analysts believe the token may be due for a major retracement. 

LINK To Fall Below $10: Is The Bullish Run Over?

In a post on X on Friday, crypto analyst Altcoin Sherpa shared a prediction that LINK may soon experience a price dip, falling as low as $9.50. 

However, Altcoin Sherpa notes that this potential price loss may not spell the end of LINK’s bullish phase. In fact, the analyst describes the token’s price coming down as “healthy.” 

$LINK: Be patient marines, coming down a bit is healthy. $9.50 would be great. #LINK pic.twitter.com/eJBdkFar4o

— Altcoin Sherpa (@AltcoinSherpa) October 27, 2023

According to Sherpa’s prediction, LINK’s slide below $10 could simply be a price recorrection before the token resumes its upward trajectory. If this forecast proves true, many traders could view this $9.50 region as a great entry zone.

Interestingly, Cryptonary, another analyst on X, has recently shared a similar price prediction.

In a post on Thursday, Cryptonary called for much caution in the LINK market, stating the crypto asset may not sustain its current high price levels for long. 

To back up this forecast, the analyst states the Relative Strength Index (RSI) shows that Chainlink is currently in the overbought zone, which indicates a price pullback lies on the horizon.

Although many traders have opened long positions on LINK as indicated by the market’s positive funding rates, Cryptonary has advised investors against “joining the crowd”

LINK surged 60% in 6 days: What’s next?

LINK is overbought, but can it sustain at these higher levels here? In our experience, moves that go straight up aren’t usually sustainable. But let’s find out what the charts say!

Technical analysis

LINK has been able to hold up at… pic.twitter.com/nVvpYPKp1t

— Cryptonary (@cryptonary) October 26, 2023

Similar to Altcoin Sherpa, the analyst predicts LINK’s price to fall to $9.67 for a short-term retracement. However, with strong selling pressure, Cryptonary states that LINK could trade as low as $8. 

At the time of writing, LINK trades around $11.54 with a 0.25% gain on the last day. Meanwhile, the token’s trading volume is up by 8.01% and valued at $824.92 million. 

Chainlink Records Partnership Streak

In other news, Chainlink recently shared with the crypto community its streak of collaborations with major traditional brands in promoting the adoption of blockchain technology.

#Chainlink is collaborating with key players across the global economy:

1. Swift—Standard messaging network for 11K+ banks
2. DTCC—World’s largest securities settlement system, processing $2+ quadrillion annually
3. ANZ—Leading Australian bank with $1T+ in AUM
4. Vodafone…

— Chainlink (@chainlink) October 27, 2023

In a thread posted on X on Friday, the blockchain highlighted its partnership with the Swift payment company aimed at facilitating the seamless transfer of tokenized assets across multiple chains using Chainlink’s Cross Chain Interoperability Protocol  (CCIP). 

In addition to Swift, Chainlink also discussed its partnership with the Depository Trust and Clearing Corporation, the Australia and New Zealand Banking Group Limited, and Vodafone Digital Asset Breaker (DAB).

Since the second week of October, there was a noticeable surge in demand for Aptos’ native cryptocurrency APT. This increased interest led to a robust phase of Total Value Locked (TVL) growth.

Ultimately, this surge in demand for APT resulted in Aptos achieving its highest-ever TVL value of $74 million during the trading session on Thursday, October 26th.

This surge in TVL is a crucial metric for decentralized finance (DeFi) platforms, showcasing the total value of assets, tokens, or cryptocurrencies locked within the platform’s smart contracts.

Aptos TVL. Source: DefiLlama

Aptos Surges Amidst Rising Investor Confidence

The increase in demand for Aptos’ native cryptocurrency, APT, further demonstrates growing investor confidence and interest in the platform’s utility, potentially indicating an expanded user base or enhanced use case scenarios within the Aptos ecosystem.

At the time of writing, APT was trading at $6.69, up 4.5% in the last 24 hours, and etching a notable 31.5% increase in the last seven days, according to figures by crypto market tracker Coingecko.

This rally can be partially due to Aptos’ distinct position as a proof-of-stake blockchain that uses a cutting-edge smart contract programming language, to facilitate quicker and less expensive transactions on its network.

For this reason, a lot of cryptocurrency fans frequently associate Aptos with certain decentralized Web3 applications, with a focus on the domain of non-fungible tokens (NFTs).

1/ Aptos Community, we’re celebrating #AptosOne in style! Introducing Graffio: a unique canvas where YOUR art shapes a special commemorative NFT.

Dive in and be a part of Aptos history! pic.twitter.com/pKAaQtwhi3

— Aptos (@Aptos_Network) October 18, 2023

AptosOne recently launched Graffio, an NFT-based art display platform. This tool simplifies NFT art creation, with standout features including waived gas fees for social media logins and the creation of an exclusive Graffio wallet.

APT Price On Bullish Run With 24% Gain 

The announcement led to a surge in Aptos (APT) price from $4.88 to $6.03 between October 20 and 23, a nearly 24% increase, prompting experts to predict a bullish trend continuing to $7.20 around end of next month.

Its current value of $6.69 reflects a notable climb of 36% since mid-October, demonstrating a robust upward trend. The increase in price underscores the promising prospects for the future of Aptos and its indigenous digital currency, APT.

As Aptos achieves its all-time high in Total Value Locked (TVL), the soaring trajectory of APT’s price and the platform’s advancements in NFT technology have sparked significant optimism.

The recent market surge and robust momentum hint at the potential for sustained growth and increased interest in APT. Despite concerns looming over a possible market retraction, the record-breaking TVL and the remarkable rise in APT’s value prompt a hopeful outlook, suggesting that Aptos and its native token may be well-positioned to weather potential market fluctuations and maintain their upward trajectory in the near future.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

The cryptocurrency known as Injective (INJ) has exhibited a remarkable increase in price, exceeding 900% since the commencement of the year, even in the face of a general downward trend in the digital currency market.

The price of INJ has remained unaffected by the extensive consolidation observed in the cryptocurrency market since Thursday.

On Friday, it had a 10% increase, reaching a trading value of $13.15. The current market valuation of the coin stands at over $1 billion. This places the cryptocurrency at the 44th position in terms of rankings based on market capitalization.

Injective Nears Historical Peak Amidst Strong Partnerships

The interoperable Layer-1 blockchain, which facilitates the operation of decentralized finance apps (DApps) in the future generation, is approaching its historical peak value of $31.40, positioning it as one of the top-performing cryptocurrencies in the current year.

Prominent blockchain protocol Injective has the support of Dallas Mavericks owner and billionaire Mark Cuban.

At the time of writing, INJ was trading at $13.55, and registered a solid 59% increase in the last week, according to figures by crypto market tracker Coingecko.

The price range of Injective hit a peak value of nearly $12.8 during a 24-hour period. This represents the highest value observed in almost two years. The rise in the value of the token cannot be attributed entirely to the recent surge in Bitcoin prices.

The increase is also influenced by Injective’s efforts to strengthen its position in the market through its relationship with Google and the introduction of a new product by Helix exchange.

Unlike other blockchains like Ethereum, Solana, and Cardano, Injective’s focus is entirely on the financial industry. Provides developers with the tools they need to build dApps for a wide range of financial use cases, from lending and savings to derivatives trading and even oracles.

The Injective network is notable for its lightning-fast processing speeds and low transaction fees.

1/ Introducing Injective Nexus: Injective’s official data integration & availability on Google Cloud.

Now core chain data from the Injective network will be accessible in BigQuery through the Analytics Hub, Google Cloud’s exclusive data sharing platform.https://t.co/V5gOyvAQe2

— Injective (@Injective_) October 24, 2023

Nexus Integration With Google Cloud Expands Accessibility For Users

The Injective development team made an announcement last week regarding the integration of “Injective Nexus” with Google Cloud. This integration signifies a major development, as it enables the larger mainstream world to access core chain data through the Analytics Hub in BigQuery.

The Google team said via a blog post:

“Google Cloud to date has only offered BigQuery datasets for major blockchain networks like Bitcoin and Ethereum […] now, Injective will become part of this prominent group of Layer-1 chains.”

Meanwhile, a bullish trend in the near and medium term is confirmed by a golden confluence in the Exponential Moving Averages (EMAs) on the daily chart. Moreover, the bullish crossover of the MACD lines supports this optimistic feeling and improves the picture.

Over $400 Million in $INJ is now staked making Injective one of the largest L1 networks by staked value

— Injective (@Injective_) October 22, 2023

Moreover, the implementation of pre-launch futures for forthcoming tokens by Helix DEX, a decentralized exchange on Injective, has sparked considerable attention.

Injective witnessed a significant surge in staked INJ, surpassing the $400 million mark on Monday.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Kate Trysh/Unsplash