The Injective Protocol (INJ) price announced to be backed by Coinbase Custody broke its own record. After the Coinbase announcement, INJ increased by more than 40% and became one of the most searched crypto coins on the CoinGecko platform.
Coinbase Custody, which was launched in 2018 and offers an offline storage solution to its users, announced that it will support Injective Protocol (INJ) with its publication. According to the post shared on Twitter, users can now make deposits and withdrawals for INJ coins with Coinbase Custody.
The INJ coin took a leap following the Coinbase announcement, pushing its price to an all-time high of $ 5.12. Having experienced a slight decline afterwards, INJ increased close to 40% in the last 24 hours during writing. Following the announcement, Injective Protocol was among the most searched for on CoinGecko.
The daily trading volume for INJ, which has moved its price from $ 3.40 to $ 5.12 in the last 24 hours, points to $ 97.3 million. With a market value of about $ 65 million, INJ is ranked 142 among the most valuable cryptocurrencies.
What is Injective Protocol (INJ)?
Injective Protocol defines itself as a platform that reveals the full potential of decentralized derivative assets and DeFi. The project aims to facilitate cross-chain operations through Cosmos based Injective Chain. The Injective Chain network uses the Proof-of-Stake algorithm. The Injective platform allows users to perform decentralized cross-chain transactions in the derivatives market while offering zero transaction costs.
The native crypto currency of Injective Protocol, the first project supported by Binance Labs, is INJ. INJ investors can have a say in the management of the protocol and engage in activities such as liquidity mining and staking. The circulating supply is 13.5 million for INJ with a maximum supply of 100 million. The INJ coin is currently listed on platforms such as Binance, Hotbit, Uniswap, Gate.io and Polniex.