Injective Surges 13%, Hits Three-Month High Amid Rising Demand and Reduced Supply

Injective's price surged 13% over the past day, hitting a three-month high of $6.7 after reclaiming the $6 resistance level.

The altcoin's strong jump was supported by a 172% surge in trading volume, reflecting increased capital deployment and market activity.

According to Injective, its staked supply reached an all-time high of over 58.8 million INJ tokens worth approximately $370 million, making it one of the leading L1 chains by total staked supply.

With almost 59% of the supply already staked, tokens available for immediate selling have plunged extensively, increasing scarcity and potentially strengthening the token's value.