• Injective price rallied from $1.27 to $39.70 last year, shooting up by more than 2,700%.
  • Artificial Intelligence emerged as the most popular crypto narrative in 2023, accounting for 11% of market share.
  • Solana, despite performing phenomenally, underperformed INJ and continues to lose stature in the crypto market.

The trade-off between the top position in the crypto market takes place every day in terms of gains, but beating out Solana on a yearly basis is a different thing altogether, and Injective price rise in 2023 did that exactly. This was caused by the hype surrounding its core principle more than the investors' support.

Injective outshines Solana

Injective had a great 2023 as it became one of the biggest and most gaining cryptocurrencies in the previous 12 months. While Solana witnessed a 920% rally in the previous year, INJ ended up shooting up by 2,701% in the same duration. 

Up from $1.27 to $39.70 at the time of writing, Injective price has managed to earn its investors a significant chunk of profit. At the same time, it helps the project gain more credibility in the crypto market since the rally is still sustained.

Top crypto narratives 2023

INJ/USD 1-week chart

In fact, as of this moment, the AI token has managed to chart further growth since the beginning of the year, rising by 12% to trade at $39.70 at the time of writing. One of the biggest reasons, other than network developments, is the core principle of the altcoin, which was the talk of the market throughout 2023.

Artificial Intelligence (AI) took the market by surprise despite the bullishness surrounding spot Bitcoin ETF investment products. This technology essentially is considered the first step in bringing web3 closer to every person, and with the arrival of ChatGPT, Bard, and other AI tools, the narrative blew up. 

This is verified by CoinGecko as well in their 2023 Annual Crypto Industry Report, where they highlighted that AI was the most popular narrative last year. GameFi, meme coins and Solana ecosystem all came in other spots as Artificial Intelligence took the first spot.

Top crypto narratives 2023

Top crypto narratives 2023

Whether this growth is replicated in 2024 is something to keep an eye out for, as it would drive the asset and the entire associated market up considerably. 

Solana loses ground

Solana not only lost the spot in terms of altcoin performance but also lost a spot in the institution's portfolio or is at least actively losing it. According to the weekly institutional investment report from CoinShares, Solana is presently witnessing outflows on the month-to-date timeframe, with total outflows hitting $5 million.

Institutional flows

Institutional flows

While this is not an exceptionally bearish development, it does suggest that institutions are moving their funds out of Solana to book profits likely. Nevertheless, the performance could change before the end of the month, and SOL could take back its place and prevent losing its stature in the crypto market.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

PEPE hits new all-time high, meme coin could extend gains

PEPE hits new all-time high, meme coin could extend gains

PEPE hit a new all-time high at $0.00001725 on Monday, May 27. The frog-themed meme coin noted a surge in active addresses and social dominance amidst rising price. 

More PEPE News

Fantom price could rally 20% but needs to test major support level first

Fantom price could rally 20% but needs to test major support level first

Fantom (FTM) price has lost some steam after the sharp increase registered from May 15 to May 20 but looks poised for further gains, technical indicators and on-chain data show.

More Fantom News

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

FLOKI, MAGA tokens post double-digit rally with bullish on-chain metrics

Crypto intelligence tracker Lookonchain identified a large wallet investor who has accumulated FLOKI (FLOKI) and MAGA TRUMP (MAGA) tokens, in exchange for Ether, since April 8. 

More Cryptocurrencies News

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

XRP ETF could gain approval in 2025, Ripple holders await lawsuit ruling

Ripple (XRP) holders are awaiting a ruling in the Securities and Exchange Commission’s (SEC) lawsuit against the payment remittance firm. A court ruling was awaited in May 2024, however there is no update, as of Monday, May 27. 

More Ripple News

Bitcoin: BTC struggles, but $80K is at striking distance Premium

Bitcoin: BTC struggles, but $80K is at striking distance

Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH). 

Read full analysis