Why is Injective Protocol (INJ) going up? (May 29, 2023)

Injective is a DEX protocol that allows Peer-to-Peer transactions. The platform is managed by Injective Labs, which was founded in 2018 by Eric Chen and Albert Chon. The native token of the protocol is INJ. Injective is a Layer-1 application built on top of the Cosmos (ATOM) blockchain. It is governed by users, instead of a central authority. It also allows investors to access cryptocurrencies on platforms such as Ethereum (ETH) and Polkadot (DOT). Unlike DEX platforms that use AMMs for liquidity management such as Uniswap (UNI) and Bancor, Injective uses the order book model.

Injective Protocol (INJ) is up 10.39% in the last 24 hours. Injective Protocol has announced the Avalon Mainnet Upgrade on Twitter. Moreover, the price of Bitcoin (BTC) has hit $28,000. Both developments may have been instrumental in the rise of INJ.