Injective (INJ) gained double digits after a ‘surprise’ NFT announcement today. Among the prominent partnership news of the day is Chainlink and Arbitrum collaboration. As the work continues, famous companies are specifying new bar for altcoin prices.
Giant altcoin projects come together for a strategic partnership
Chainlink and Arbitrum announced that they are launching a new Blockchain functionality. Chainlink’s VRF random number generator has been released on Arbitrum One for smart contracts and Dapps.
This functionality gives developers access to the leading random number generator (RNG) in the Blockchain industry. It will also bring the benefits of both Chainlink and Arbitrum to new smart contracts and Dapps being developed.
This week, @chainlink VRF went live on Arbitrum One!
This will provide #arbitrum devs with a random number generator (RNG) to their smart contracts, which can be used for randomly assigning NFTs, developing blockchain games, & more.
read more 👇https://t.co/67hmXjdqEi
— Arbitrum (💙,🧡) (@arbitrum) May 19, 2023
LINK and ARB prices did not react as well to the news as other altcoins in the announcement. Both altcoins are moving sideways below 1% compared to the last 24 hours.
The biggest price action of the day came from Injective (INJ), which attracted attention with a surprise NFT announcement.
Injective (INJ) price gains 20% on ‘surprise’ news
INJ is one of the few coins to have made impressive gains in the past week. Its price has increased by around 20% compared to last week. Following this price increase, INJ showed signs of consolidation over the next two days before starting its current bullish run.
INJ’s price increase is due to a new announcement made by the project developers six days ago. On May 13, the Injective team posted a tweet urging the user community to engage more with Injective or L1-based dApps. cryptocoin.comAs a company, we conveyed the surprise NFT airdrop announcement in the first hours.
It might be a good idea to interact with dApps built on Injective or the L1 chain itself.
Make a transfer, trade on a dex built on Injective, bridge assets, stake INJ, etc.
Who knows there might be an NFT related surprise in the works 😉
— Injective 🥷 (@Injective_) May 13, 2023
This announcement was not only effective in terms of price. It also caused a lot of excitement within the Injective community, which was also represented at the network event.
According to a tweet by @Iryna_Everstake, Blockchain manager at network verification service Everstake pool, the Injective network recorded a significant increase in several network parameters over the past week as follows.
The Injective community seems to be following the advice to interact w/ dApps or the chain itself to get ready for an upcoming NFT-related surprise@Injective_ stats over the last 5 days: +688K $INJ staked, +470 delegators, +130 new wallets, +295M in cumulative trading volume 🥷 pic.twitter.com/N9z9aWw5aQ
— Iryna | Everstake 🥷 (@iryna_everstake) May 19, 2023
Meanwhile, it should be noted that INJ price continues its rally above 20%. At the time of writing, it is holding its intraday gains around 5% despite the overall market recession. This was a sign that the bulls were still interested.
Cardano ecosystem reaches milestone
Cardano (ADA), the prominent name in the DeFi market recently, reached 500 million ADA in TVL. Data from DeFi TVL aggregator DefiLlama reveals that the total value locked in the Cardano network is currently 505,114 million ADA. This is equivalent to $186.18 million in fiat terms.
The new milestone represents a staggering 91.9% increase for TVL since the start of the year. Meanwhile, last month Cardano’s TVL increased by about 8%. This shows the steady adoption of the DeFi ecosystem.
On the other hand, despite the apparent momentum in TVL, the ADA price does not show any strong technical movement. At the time of writing, it was holding steady under 1% for the last 24 hours. ADA’s major breakthrough in recent days was the milestone it achieved in TVL.
ADA is stagnant, XRP gears up
One of the biggest cryptocurrencies, XRP, is pricing in the dominance it recently gained in the SEC lawsuit. The $ 250 million investment of Ripple, the company behind it, was also among the developments that moved the buyers. You can take a look at the important developments surrounding XRP in recent days in this article.
According to new reports, XRP is outpacing other altcoins with a 55% quarter-to-quarter (QoQ) increase. According to Messari’s report, the market cap of XRP grew by 59.9% in the first quarter of the year. Its value rose from $17.4 billion on January 1 to $27.4 billion on March 31.
XRP is currently trading at $0.4665, gaining 9.5% from last week. His key trump card in the SEC case, his superiority in the Hinmann documents, was the main reason behind the momentum.
On the other hand, the 10x Ethereum price prediction put forward by investment management company VanEck today leads investors back to leading cryptos.
VanEck shared price predictions for the leading altcoin
In a recent report, investment management firm VanEck has determined the 2030 price levels of Ethereum price. Company analysts revealed two critical levels for bears and bulls. One of them is the $300 ETH price, which sellers will outweigh in a potential bear scenario.
On the other hand, ETH price could reach $51,000 if bulls take over the market, according to VanEck analysts. On the shorter timeframe, forecasts for 2023 reveal a price level of $11,800 for ETH. The leading altcoin is currently busy protecting $1,800 as support, accompanied by low volatility.
