Injective (INJ) experienced a surge in price, reaching as high as $8.20 on Wednesday. The boost in value can be attributed to Helix, the decentralized exchange (DEX) platform built on the layer-1 blockchain network Injective, unveiling its pre-launch futures product.
Injective is currently up 3.5% in the past 24 hours, though earlier in the day, it observed more significant gains. It is worth noting that INJ reached a high of $9.40 in April 2023, before the crypto market experienced a period of consolidation. In 2021, INJ achieved its all-time high of $24.89.
The price surge for INJ coincides with Injective’s recent network achievements. These milestones include the integration of the network with the NFT marketplace Dagora and the introduction of the new launchpad, InjMarket.
However, the most recent milestone that contributed to the price surge was the launch of Helix’s pre-launch futures. This product allows users to trade popular tokens before their official launch, giving them access to markets that are typically reserved for insiders, early contributors, and venture capitalists.
The first token to be listed on Helix’s pre-launch futures market is Celestia (TIA), the native token of the modular data network developed by Celestia Labs. TIA is set to go live on a major cryptocurrency exchange in the coming weeks and will be utilized for transaction fees. It has a fee burn mechanism similar to Ethereum’s EIP-1559.
The introduction of pre-launch futures on Helix provides an opportunity for traders to engage with tokens before they are officially launched. This feature brings more accessibility and inclusivity to the cryptocurrency market, allowing retail investors to participate in the early stages of promising projects.
Overall, Injective’s price surge and the launch of Helix’s pre-launch futures signify positive developments for the INJ ecosystem. As more tokens are added to the pre-launch futures market, it is anticipated that there will be increased interest and trading activity on the Injective network.