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Injective Votes On Major Upgrade To Make INJ Even More Deflationary: Will Prices Recover?

Injective Protocol, a blockchain for decentralized finance (DeFi) and derivatives trading, is voting on a proposal to significantly reshape the platform’s tokenomics and introduce a new era dubbed Injective 3.0.

According to Injective, through a post on April 19, the proposal is now open for voting via the Injective Hub. For the next four days, stakers and validators are free to participate. 

Community Voting On Injective 3.0

Over the months since launching in 2023, Injective caught the crypto community’s attention. The team aims to launch a platform for users to launch DeFi-focused protocols in a low-cost, scalable, and yet Ethereum-compatible environment. Though INJ, the native currency of the platform, remains one of the top performers, changes introduced by Injective 3.0 will likely push prices even higher.

According to developers, Injective 3.0 aims to make INJ a deflationary asset. A big part of this will be to reduce token minting by controlling the rate of token creation. If the community approves what’s laid out in the proposal, the team will change on-chain parameters to slow down token minting. 

At the same time, Injective 3.0 plans to make INJ’s inflation rate more responsive to staking. Under this model, inflation will slow down as more INJ is locked away via staking, making the coin scarcer. 

Proposers predict the network to be more robust and secure if INJ becomes more deflationary. Usually, token prices of scarce assets tend to be higher. However, it should be noted that changes to tokenomics don’t immediately lead to favorable price repricing. For prices to soar, there must be utility, driven mainly by community interest.

Millions Of INJ Burned, Will Prices Break $30?

Injective 2.0 is currently live following its activation in August 2023. Under the current regime, there is a token auction burn, where decentralized applications (dapps) running on the platform are free to participate in token burning. According to the Injective Protocol, over 5.9 million INJ have been withdrawn.

Injective price trending downward on the daily chart | Source: INJUSDT on Binance, TradingView

So far, INJ remains under pressure, sliding down, shedding 50% from March 2024 highs. The coin has been moving horizontally in the past few trading sessions. However, it is under immense selling and within the April 12 bear bar.

The level at $30 is a crucial resistance level. Conversely, if INJ prices dip below this week’s lows at $23, the coin will slip towards April 13 lows of around $18.

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Injective Launches Important Token Tool As INJ Bleeds

Injective Protocol, a decentralized finance-centric platform, has launched TokenStation. In a blog post on March 18, Injective said the solution, deployed on its mainnet, allows users to launch native tokens. With this tool, Injective said it would empower anyone to create their tokens in a low-fee and scalable environment.

Injective Launches TokenStation, Strikes Key Partnership

The tool was developed by the Injective community and aims to “remove barrier to entry for token creation.” Like the token creation tools on Solana and Ethereum, for example, using TokenStation, part of the blog post won’t require coding experience. 

Related Reading: Top Reasons Why The Bitcoin Price Crashed Below $63,000

This makes it easier for individuals and projects to launch on Injective. Beyond token minting, the tool allows token management and integration of tokenomics mechanisms like burning.

The blockchain is launching the TokenStation days after partnering with AltLayer, a platform backed by Binance Labs dedicated to developing roll-up technology for Ethereum. Through this collaboration, the two will build a re-staking security framework for Injective Ethereum Virtual Machine (inEVM) applications.

The recently launched inEVM allows developers to seamlessly build applications leveraging the high scalability and near-zero fees on Injective. Additionally, the inEVM is set to increase composability between WebAssembly (WASM) and EVM environments. Through this unique feature, Injective can bridge the interoperability of Cosmos, the developer activity of Ethereum, and the high scalability of Solana. 

Will Volan Help Prop Up INJ Prices?

In January, Injective Protocol activated the Volan Upgrade, setting the platform’s plans to build a robust real-world tokenization infrastructure into motion. Part of this was the introduction of a Real-World Asset (RWA) module. In this way, institutions can launch regulatory-compliant security tokens. 

Additionally, Volan modified INJ tokenomics, making the token progressively deflationary. Burning reduces INJ tokens over time, a measure adopted by other protocols, including BNB and Ethereum.

While the upgrade and subsequent partnerships have lifted its prominence in decentralized finance (DeFi), growth has been slower than expected. 

Injective TVL | Source: DeFiLlama

So far, DeFiLlama data shows that Injective Protocol commands a total value locked (TVL) of less than $65 million. This is miles behind Solana or Ethereum, two of the world’s most active smart contract platforms where active DeFi protocols also thrive.

Injective prices trending downward on the daily chart | Source: INJUSDT on Binance, TradingView

Meanwhile, INJ prices, although relatively higher, are under pressure, as seen in the candlestick arrangement in the daily chart. INJ is down 30% from 2024 highs, slipping and following Bitcoin. However, the coin is within a broader consolidation. Resistance and support levels are around $44 and $30, respectively.

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INJ Price Soars 13% As Injective Unveils ‘inEVM,’ Ethereum And Solana Integration Expected

In a recent announcement, Layer 2 (L2) protocol Injective (INJ) has reached a major milestone with the launch of its inEVM Layer 2 rollup solution on the mainnet. This technology introduces an Ethereum Virtual Machine (EVM) environment to the Injective ecosystem, opening up new prospects for developers and blockchain interoperability.

By integrating with Ethereum (ETH), Cosmos (ATOM), and Solana (SOL), inEVM establishes a multi-chain ecosystem that combines the advantages of different virtual machine environments.

inEVM For Ethereum, Cosmos, And Solana

According to the March 7 announcement, InEVM, which stands for inEVM Layer 2 rollup solution, allows developers to build applications using the Ethereum programming language Solidity within Injective’s platform.

This technology connects different blockchain networks by achieving composability across Cosmos and Solana. InEVM leverages Caldera as the rollup provider, Hyperlane as the messaging layer, LayerZero for data and asset transfer, Celestia as the Data Availability (DA) layer, and Pyth as the Oracle provider.

These collaborations were reportedly designed to ensure a “secure and robust” environment for developers to deploy their projects.

Furthermore, by incorporating inEVM, Injective will enable Ethereum developers to onboard onto its platform while retaining compatibility with the broader blockchain space. 

As announced, developers can now take advantage of Injective’s benefits, including the protocol’s transaction speeds, near-zero fees, and access to the Inter-Blockchain Communication (IBC) network.

The protocol also claims that InEVM will serve as a sandbox for developers to become familiar with the broader Injective ecosystem, providing a bridge between Ethereum’s EVM world and Injective’s WebAssembly (WASM) backbone.

TimeSwap And Thetanauts Make Waves In Injective Platform

Another key feature of Injective’s inEVM is its stated integration with Caldera, Hyperlane, LayerZero, Celestia, and Pyth, ensuring compatibility with existing smart contract standards, infrastructure, and oracles. 

This integration aims to facilitate interoperability and collaboration across virtual machine environments, paving the way for a “unified blockchain ecosystem.” 

The release states that developers will also benefit from the ability to create synergies and leverage the strengths of Ethereum, Cosmos, and Solana while maintaining true composability and interoperability.

Lastly, the protocol has announced that several projects have already adopted inEVM and deployed on the Injective platform. Notable among them is the TimeSwap lending protocol, which has raised significant funding of over $200 million from investors, including Polychain Capital, Delphi Digital, and Bain Capital Crypto. In addition, Thetanauts, an on-chain options protocol, has also chosen to build on the inEVM.

Injective

Currently, Injective’s native token INJ has seen a notable uptick in price after stagnating and dropping 3% over the past seven days. Currently, INJ is trading at $43.20, up over 13% on announcing the launch of Injective’s inEVM. 

This marks the continuation of the token’s upward trend registered over the rest of the time frames. The token recorded a tremendous surge of over 1240% year-to-date, 37% in the past 30 days, and 23% in the past fourteen days, which led the token to reach its current all-time high (ATH) of $46 on March 2nd.

Featured image from Shutterstock, chart from TradingView.com

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Injective Poised For Breakout? Unlock Event Sparks $60 INJ Price Surge Forecasts

Injective (INJ), the native token of the decentralized exchange protocol Injective Protocol, stands poised for a pivotal moment. On January 21st, a final tranche of 3.66 million INJ tokens will be unlocked, bringing the total circulating supply to a definitive 100 million.

Injective Token Unlock: Market Dynamics Shift

This marks the culmination of a phased release schedule outlined in Injective’s token distribution plan, and will see the remaining 16% of token supply flood the market.

Analysts remain divided on the potential impact of this event. Some anticipate increased selling pressure due to the sudden influx of tokens, potentially leading to a price dip. Others view the unlock as a positive catalyst for liquidity, making INJ easier to trade and potentially attracting new investors.

Regardless of the short-term price action, the full token unlock undeniably represents a turning point for Injective, marking the complete transition from initial distribution to sustained market dynamics.

It will be fascinating to observe how the community and market respond to this milestone event, and whether it paves the way for further growth and adoption of the Injective Protocol.

Some market participants, such as analyst Captain Faibik, believe that Injective may be ready for another rally in anticipation of the impending event. According to Faibik, INJ has established a bullish flag and might see a rise beyond $60.

Faibik examines the chart and finds two rallies that are joined by a brief period of consolidation. These might potentially lead to a continuing upswing with higher highs and lowers.

However, given that the market crashed on January 3 and that INJ price originally dropped to $33.55, selling pressure could be imminent. The 4-hour chart shows rising volatility, and the Bollinger Bands point to overbought circumstances following INJ’s prior surge to $40.28.

INJ Price Analysis

The price of INJ has been trending downwards over the past 24 hours. It is currently trading at $37.412, down from a high of $37.875 earlier in the day.

  • The Bollinger Bands (BB) are also trending downwards. This suggests that volatility is decreasing, as the price is staying closer to the moving average.
  • The Chaikin Money Flow (CMF) is negative. This indicates that bears are currently in control of the market.
  • The volume is relatively low. This suggests that the recent price decline is not due to a large amount of selling pressure.

Overall, the chart suggests that INJ is in a bearish trend. However, the low volume suggests that this trend may not be sustained. It is important to note that this is just a snapshot of the market and that conditions can change quickly.

The ongoing unlocking of the token holds the promise of bolstering INJ’s social metrics, indirectly contributing to a positive influence on its price.

This is particularly crucial as increased community engagement often aligns with higher social metrics, reinforcing the token’s popularity. The sustained high Social Dominance of INJ signifies robust community support, a vital factor in navigating the unpredictable cryptocurrency market.

Simultaneously, the improvement in INJ’s Weighted Sentiment indicates a prevailing bullish sentiment within the market. This positive outlook among investors sets the stage for heightened trading activity, potentially triggering an uptrend in the token’s valuation.

Both Social Dominance and Weighted Sentiment serve as valuable indicators, providing insights into the token’s current state and the prevailing market sentiment.

Featured image from Shutterstock

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How To Bridge And Trade On The Injective (INJ) Network

Injective is a blockchain designed specifically for finance. It is an interoperable and environmentally-friendly layer 1 blockchain that supports advanced DeFi applications, including crypto trading dApps, like spot and derivative exchanges, and lending protocols.

That being said, in the fast-paced world of cryptocurrency, the Injective Network has emerged as a trailblazing force, revolutionizing the landscape with its innovative approach to scalability and seamless trading experiences. In my opinion, I will say that Injective is trying to follow the Solana path in terms of progressive growth in the ecosystem and price value. 

In this in-depth guide, we’ll navigate through the essential features of the Injective (INJ) Network, unravel the intricacies of initiating your trading journey, and explore various methods to acquire and trade the coveted Injective Coin (INJ).

Solving Scalability: The Essence of Injective (INJ) Network

The scalability challenge has long been a hurdle for widespread crypto adoption, and Injective Network steps up to the task as a groundbreaking solution. Scalability is the reason some people don’t trade certain coins. For instance, I avoid making certain Ethereum transactions because of the high gas fees. If I want to make any monetary transaction, I prefer to use a more scalable coin like injective (INJ).

Scalability isn’t just about transaction costs but also about the speed of transactions. Injective Network boasts a remarkable transaction speed of 0.8 seconds, leaving competitors, including Ethereum and its layer 2 counterparts, in the rearview mirror. What more can you ask for with their gas fees as low as $0.01, Injective Network brings unparalleled efficiency to the world of blockchain transactions.

Injective (INJ) gives you a better DeFi experience, this is because you are not scared of exploring the DeFi space due to high gas fees and slow annoying transaction speed. If you have transacted on the Ethereum chain or done any past DeFi activity on the Ethereum chain, you will be conscious of your exploration because each activity will incur a transaction fee whether the contract signed is successful or not and it’s not cheap.

Initiating Your Injective Trading Journey

Embarking on your trading journey within the Injective Network involves meticulous steps to ensure a seamless experience. The choice of a compatible wallet is paramount, and here, we delve deeper into two main types:

  1. EVM Based Wallets:

EVM compatibility is the bedrock for smooth integration with Injective Network. While Metamask is a popular choice, it’s essential to understand its intricacies, especially when it comes to the EVM chain. Exploring alternative EVM-based wallets can provide tailored solutions for optimal user experience.

It is preferable to use an EVM wallet like Metamask if you are bridging from an EVM chain to an injective chain. As we go further into this post, you will learn how to bridge from EVM to the injective chain. EVM wallet like metamask makes your Defi experience on the injective easier but you can’t compare it to that of the cosmos-based wallet. 

  1. Cosmos Based Wallet:

For a user-friendly experience on your PC, consider Cosmos-based wallets like Leap and Keplr. These Chrome extensions are tailor-made for Injective Networks, ensuring not just compatibility but also enhanced security features. Using a Cosmos-based wallet makes interaction far easier than EVM-based wallets. But you can’t have EVM-based assets on this wallet, this means that you can’t bridge EVM assets to injective using this wallet, you need to use Metamask. 

These wallets, the EVM-based wallets, and the Cosmos-based Based Wallets are great for your smooth Defi experience when interacting on the injective chain.

Acquiring Injective Coin (INJ)

Once your wallet is set up, the next crucial step is acquiring the prized Injective Coin. INJ is prominently listed on various centralized exchanges, including Binance, Coinbase, Kucoin, Bybit, OKX, and Gate.io. Each exchange offers its unique advantages, and strategic users may explore multiple platforms for optimal trading conditions.

 

Consider securing your INJ in a Keplr wallet for efficient portfolio management. When you are sending INJ from centralized crypto exchanges to your Keplr wallet, make sure you choose the Injective network and paste your Injective network address from your Keplr wallet.

Injective (INJ)

Setting Up Keplr Wallet for Injective Chain Visibility

Creating a Keplr wallet is a straightforward process through the Chrome extension. Get your Keplr wallet, and create a new wallet, you will be given a seed phrase, save the seed phrase, usually a 12 or 24-word seed phrase. Do not forget to save them, in order not to lose your account permanently.

To make the Injective chain visible in your Keplr wallet, follow these steps:

  1. Click on the hamburger sign in the top left corner.
  2. Navigate to “Manage Chain Visibility.”

This will take you to where you can view the chain visibility on the Keplr wallet, this is essential as it helps you select other chains on the Keplr wallet.

Wallet

  1. Search for “Injective” or “Inj” and click on “Add Token.”

Injective 2

By enhancing Injective-related keywords in your wallet setup process, you not only optimize for search engines but also ensure clarity for users seeking to manage their INJ effectively.

Wallet

It is important to know that every address on the injective chain starts with the “inj” prefix, this helps you identify the injective chain easily. Congratulations you are about to begin your Injective DeFi journey. 

Defi means Decentralised Finance, this is a type of transaction that doesn’t require a centralized platform like Binance, Bybit, OKX, or whatever centralized exchange you know. All you need to perform a DeFi transaction is a DEX (Decentralised Exchange) wallets like Keplr and a Dapp (Decentralised Application).

We have a wallet now, we need to fund it with INJ before interacting with a Dapp on the Injective wallet. You can get INJ tokens from an exchange like Binance Binance. You can deposit on your Binance in whatever way you are used to depositing on your Binance, you can deposit USDT with fiat. Trade the USDT for INJ. The next step is to withdraw the INJ to your Keplr wallet. Withdraw the INJ on the Injective wallet.

Withdrawing INJ coin and Bridging Tokens:

The withdrawal process after acquiring INJ involves selecting the coin, choosing the Injective chain, and pasting your Keplr Injective address. Remember the address has to start with “INJ”. This step is crucial for securing your assets, and benefits from additional details regarding security measures, transaction confirmation times, and potential challenges users might encounter. This is just one method to get INJ from a centralized exchange, you can also get INJ by bridging. 

Bridging, an alternative method for bringing tokens to Injective, is an essential strategy, especially for users keen on optimizing their portfolio across multiple chains. Bridging from an EVM-based wallet requires a metamask and INJ on an EVM chain. For instance, if you have INJ on the ETH chain in your metamask, all you need to do is connect your metamask to the Injective Bridge platform. This will help you bridge from the ETH chain to the injective chain.

Bridge

Bridging Tokens in the Cosmos-Based Wallet Ecosystem:

An intriguing method to diversify your portfolio involves bridging tokens from the Cosmos-based wallet ecosystem to Injective. For example, bridging TIA (Celestia) to Injective and swapping TIA (Injective) to INJ (Injective) using Astroport opens up opportunities within the Cosmos ecosystem.

You will have to go to the Injective Bridge platform, connect to your cosmos-based wallet, select whatever cosmos-based wallet token you have like TIA (Celestia), and bridge from the Celestia chain to the injective chain. Emphasizing this integration showcases the versatility of Injective Network and its compatibility with other blockchain ecosystems. Now you have TIA(Injective) you need to swap it to INJ, trading or swapping can be done Astroport.

Injective 5

Trading INJ on Astroport

Astroport, the decentralized exchange (DEX) on the Injective chain, serves as the epicenter for token swaps. After successfully bridging tokens, users can initiate trades on Astroport, leveraging the platform’s decentralized nature for portfolio diversification. Whatever you are swapping here is expected to be on the injective chain, you can swap INJ for all the available tokens, and now you can trade as easily as you like.

How To Trade on Coinhall

Coinhall is a site where you can bridge directly and swap. It is a multi-token bridge swap DEX that you can use to bridge and swap at the same time but only for Cosmos-based tokens and coins. It serves as a smart chart for all cosmos-based tokens including injective and also for swapping and bridging. 

Injective 6

You can see all the available coins and tokens with their respective prices here, it’s a good DEX dApp to use. You can scroll here and search for the token you are looking for. You can also search by using the search bar. 

If you want to trade a token and you can find it on the list, all you have to do is go to Coinhall and type the name of the token, as well as search using a contract address.

Coingecko is also a good site that has the details of coins. Here, you can search for the name of the coin or token you are looking for, and get the contract address directly. 

Injective 7

Go to the info section and search for the contract, copy the smart contract from Coingecko, and paste it into the coinhall market search button. 

Like this:

Injective 8

This will take you to where you will be able to trade any token based on the dex.  

Injective 9

Let’s explore Coinhall as A Bridge Swap DEX

To explore Coinhall this way, you need to navigate to the Swap section. This section will give you the opportunity to bridge and swap at the same time. For instance, if you want to swap TIA (Celestia) to INJ (Injective) you can do this at ease with one click. 

Instead of bridging TIA (Celestia) to TIA (Injective) then swapping it to INJ. You can do it as shown below:

Injective 10

Conclusion

With your INJ Coin securely stored in your wallet, you’re now poised to explore the exciting world of trading on the Injective Network. The scalability, low transaction fees, and swift processing times position the blockchain as a promising platform for crypto enthusiasts and traders alike. In the dynamic realm of decentralized finance (DeFi), Injective Network stands tall, offering innovative solutions for seamless and efficient trading experiences. 

As you navigate this multifaceted landscape, remember that the Injective Network isn’t just a platform; it’s a gateway to transformative technology shaping the future of cryptocurrency. These steps, when taken with a strategic mindset, offer not only trading opportunities but also a deeper understanding of the evolving crypto ecosystem. 

Stay informed, trade wisely, and harness the full potential of the Injective Network, where every transaction is an opportunity to redefine your crypto journey.

In summary, this comprehensive guide provides an extensive roadmap for mastering the Injective Network, ensuring that users, from beginners to seasoned traders, can navigate the intricacies of this innovative blockchain ecosystem with confidence and clarity.

Injective (INJ) price chart from Tradingview.com (Trade Bridge DeFi)

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DeFi Researcher Questions Injective Protocol’s Appeal: Is INJ Overvalued?

Thor Hartvigsen, a data-driven decentralized finance (DeFi) researcher, is questioning the appeal of Injective Protocol, a layer-1 platform whose creators say is designed to expressly power finance.

As of December 2023, INJ, the native currency of Injective Protocol, is one of the top-performing coins, surpassing Bitcoin (BTC) and Ethereum (ETH).

Is Injective Protocol Undervalued Based On On-Chain Metrics?

Taking to X on December 14, Hartvigsen highlighted the platform’s relatively low total value locked (TVL) of $11 million and the limited number of protocols launched on the platform, currently standing at seven.

Based on the researcher’s analysis, the largest dapp on the layer-1, Helix Protocol, a decentralized exchange (DEX), only manages a daily trading volume of about $7.4 million. 

Injective Protocol TVL | Source: DeFiLlama

Hartvigsen states this is significantly lower than other perpetual futures protocols, including the Perpetual Protocol. These competitors, the analyst notes, are valued at around $200 and $300 million based on fully diluted valuation (FDV).

So far, looking at data, there are only seven active protocols on Injective, with Helix managing over 60% of the ecosystem’s TVL, reinforcing its dominance.

If on-chain activity and the number of active protocol leads, Hartvigsen wants answers to irrefutably justify Injective Protocol’s $3.2 billion valuation.

The researcher compares Injective with other blockchains, including Ethereum and Solana. These platforms command relatively higher trading volume and on-chain activity. 

Injective Protocol dapps | Source: DeFiLlama

To illustrate, Hartvigsen cites DefiLlama data, which shows that Injective’s volume ranges from $5 to $7 million daily from seven dapps.

On the other hand, Solana, a competing layer-1, presently processes between $500 and $700 million. Meanwhile, Injective Protocol cannot match Ethereum, which processes over $1 billion in trading volume.

INJ Up 395%, Will Prices Continue Rising On Investor Optimism?

In response to Hartvigsen’s analysis, yiggit, a user claiming to be a legal counsel, defended Injective Protocol. The user emphasized that TVL, as the researcher cited, cannot be the sole determinant to gauge a project’s potential. 

Related Reading: Bitcoin Deja Vu: Capital Inflows Mirror Pre-2021 Bull Run Momentum

Yiggit added that Injective Protocol’s potential is rooted in the expected number of upcoming apps. Notably, the legal counsel notes that optimism also stems from the Injective Protocol’s origins in Cosmos. In the Cosmos ecosystem, staking tends to catalyze participation as users seek to receive airdrops.

Injective Protocol price trending upward on the daily chart | Source: INJUSDT on Binance, TradingView

Still, whether or not the researcher’s assessment is valid depends on time. So far, looking at the INJ price action in the daily chart, the coin has been charting higher, registering new all-time highs.

To illustrate, INJ is up 395% from mid-October 2023, rallying as the broader crypto market recovers. At this valuation, CoinMarketCap data shows that the project has a market cap of over $2.7 billion.

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Injective (INJ) Trains Guns On $30 After Hitting An All-Time High Of $27 – Details

Injective Protocol’s INJ token has just hit a new all-time high of $27.02. However, it appears that the market is currently in a phase of rest and consolidation, with investors cautiously hopeful yet reluctant to drive prices much higher at the moment.

The overall trading activity has decreased from its recent peak, leading to a reduction in market volatility. Despite this, the price of INJ has experienced a 12% increase in the last day, currently trading at $25.

Injective Inks 50% Price Rally

One of the things to consider as the token searches for more growth is what has propelled it to a record high. So, is there a chance that this rally will last, or will bears ruin the bulls’ Yuletide celebration?

Injective’s native token has experienced a price explosion of over 50% in the previous 30 days, and the steady climb since the lows hit in December 2022 has featured a parabolic rise of over 1,500%. Positive news about the ecosystem and the general bullish mood have driven INJ higher in recent weeks.

Just the last day saw a 40% spike in INJ’s trading volume to $508 million. The price of INJ has fluctuated by around 15% during the last day, indicating high intraday volatility as well. Traders need to get ready for further volatility in the near future.

Now that Injective has a new ATH set, it is in unexplored terrain and might rise swiftly.

In the event of a decline, the nearest area of support is at $24, and then $20, which corresponds to the Fibonacci 0.382 retracement level. Just below that, at $16 and $15, respectively, you can find support at the 0.5 and 0.618 Fib levels. If INJ’s rally hits a wall, the stock might retrace to these levels before continuing its ascent.

INJ’s $65K Burn Boosts Weekly Surge

Injective’s weekly token burn has been one of the major triggers for the previous few days. The most recent of these saw the burning of over $65,000 worth of INJ, eliminating them from circulation forever.

Injective saw a notable increase in the total amount of INJ staked during the burn auction. There have been almost $1 billion worth of tokens staked thus far, based on on-chain data.

A bullish continuation might see buyers target prices above $30. A bearish turn in tandem with a wider market decline may signal a possible decline to $20–$18 range support.

INJ Positive Prediction 

Meanwhile, the current Coincodex Injective price prediction indicates a $27.50 price increase this week. Additionally, according to its technical indicators, the present mood is bullish, and the Fear & Greed Index is currently reading 67 (Greed).

The predicted annual low price for Injective in 2024 is $ 25.13, based on how the price has changed in the past and the BTC halving cycles. Injective, on the other hand, could cost as much as $35.49 next year.

Featured image from Warne Scope Mounts

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Injective Protocol’s Social Activity Rising: Is INJ About To Explode?

According to AlphaScan data on December 12, social media activity on Injective Protocol (INJ) has steadily increased in the past day and week. This surge in interest has propelled INJ to the second-most mentioned token on social media, trailing only Bitcoin (BTC).

Injective Social Media Activity Rising

Specifically, data reveals that INJ received nearly 30% of its weekly mentions in the past 24 hours alone. Furthermore, 37% of all monthly mentions of INJ occurred in the past seven days, further highlighting the growing attention surrounding the project. 

Injective Protocol social media mentions | Source: AlphaScan on X

While this is impressive for the project, it seems like INJ is also popular, looking at the very short-term data over the past trading day. Looking at weekly and monthly mentions, Solana, Avalanche, and Ethereum are ahead. 

The uptick in Injective Protocol’s social activity also coincides with expanding prices. Based on Alpha Scan data, INJ has outpaced Bitcoin and other top 10 crypto assets in the last data. If the spike in social activity is behind rising prices, INJ may likely extend gains in subsequent sessions.

From the INJ daily chart, the coin is at 2023 highs, ripping even higher. As it is, the coin is within a bullish breakout formation, comprehensively easing past November 2023 resistance levels. Of note, the rally is with expanding trading volumes, meaning the leg up is supported and could continue, further drawing more social activity to the project. 

INJ price trending upward on the daily chart | Source: INJUSDT on Binance, TradingView

Injective Protocol is a decentralized exchange (DEX) platform that operates on a layer-2 solution, allowing faster and more scalable trading than traditional DEXs. It supports various decentralized finance (DeFi) applications, including derivatives trading and synthetic asset issuance.

Is INJ On The Cusp Of Exploding Above $25?

The growing interest in Injective Protocol is likely due to a combination of factors. Beyond the project’s unique features, like near-gasless transactions and growing adoption, improving crypto sentiment and strategic partnerships might have supported prices and revived social media activity.

To illustrate, Injective recently joined Google Cloud, encouraging developers to build on the platform.

Despite the current optimism, it is not immediately clear whether the spike in social media activity could be a precursor to more price gains for INJ. Even so, with the coin trending at new 2023 highs and trading volumes expanding amid a broader recovery across the crypto scene, it is likely that INJ may explode to record new all-time highs above $25.

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Injective Protocol’s Social Activity Rising: Is INJ About To Explode?

According to AlphaScan data on December 12, social media activity on Injective Protocol (INJ) has steadily increased in the past day and week. This surge in interest has propelled INJ to the second-most mentioned token on social media, trailing only Bitcoin (BTC).

Injective Social Media Activity Rising

Specifically, data reveals that INJ received nearly 30% of its weekly mentions in the past 24 hours alone. Furthermore, 37% of all monthly mentions of INJ occurred in the past seven days, further highlighting the growing attention surrounding the project. 

Injective Protocol social media mentions | Source: AlphaScan on X

While this is impressive for the project, it seems like INJ is also popular, looking at the very short-term data over the past trading day. Looking at weekly and monthly mentions, Solana, Avalanche, and Ethereum are ahead. 

The uptick in Injective Protocol’s social activity also coincides with expanding prices. Based on Alpha Scan data, INJ has outpaced Bitcoin and other top 10 crypto assets in the last data. If the spike in social activity is behind rising prices, INJ may likely extend gains in subsequent sessions.

From the INJ daily chart, the coin is at 2023 highs, ripping even higher. As it is, the coin is within a bullish breakout formation, comprehensively easing past November 2023 resistance levels. Of note, the rally is with expanding trading volumes, meaning the leg up is supported and could continue, further drawing more social activity to the project. 

INJ price trending upward on the daily chart | Source: INJUSDT on Binance, TradingView

Injective Protocol is a decentralized exchange (DEX) platform that operates on a layer-2 solution, allowing faster and more scalable trading than traditional DEXs. It supports various decentralized finance (DeFi) applications, including derivatives trading and synthetic asset issuance.

Is INJ On The Cusp Of Exploding Above $25?

The growing interest in Injective Protocol is likely due to a combination of factors. Beyond the project’s unique features, like near-gasless transactions and growing adoption, improving crypto sentiment and strategic partnerships might have supported prices and revived social media activity.

To illustrate, Injective recently joined Google Cloud, encouraging developers to build on the platform.

Despite the current optimism, it is not immediately clear whether the spike in social media activity could be a precursor to more price gains for INJ. Even so, with the coin trending at new 2023 highs and trading volumes expanding amid a broader recovery across the crypto scene, it is likely that INJ may explode to record new all-time highs above $25.

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Injective Protocol’s Social Activity Rising: Is INJ About To Explode?

According to AlphaScan data on December 12, social media activity on Injective Protocol (INJ) has steadily increased in the past day and week. This surge in interest has propelled INJ to the second-most mentioned token on social media, trailing only Bitcoin (BTC).

Injective Social Media Activity Rising

Specifically, data reveals that INJ received nearly 30% of its weekly mentions in the past 24 hours alone. Furthermore, 37% of all monthly mentions of INJ occurred in the past seven days, further highlighting the growing attention surrounding the project. 

Injective Protocol social media mentions | Source: AlphaScan on X

While this is impressive for the project, it seems like INJ is also popular, looking at the very short-term data over the past trading day. Looking at weekly and monthly mentions, Solana, Avalanche, and Ethereum are ahead. 

The uptick in Injective Protocol’s social activity also coincides with expanding prices. Based on Alpha Scan data, INJ has outpaced Bitcoin and other top 10 crypto assets in the last data. If the spike in social activity is behind rising prices, INJ may likely extend gains in subsequent sessions.

From the INJ daily chart, the coin is at 2023 highs, ripping even higher. As it is, the coin is within a bullish breakout formation, comprehensively easing past November 2023 resistance levels. Of note, the rally is with expanding trading volumes, meaning the leg up is supported and could continue, further drawing more social activity to the project. 

INJ price trending upward on the daily chart | Source: INJUSDT on Binance, TradingView

Injective Protocol is a decentralized exchange (DEX) platform that operates on a layer-2 solution, allowing faster and more scalable trading than traditional DEXs. It supports various decentralized finance (DeFi) applications, including derivatives trading and synthetic asset issuance.

Is INJ On The Cusp Of Exploding Above $25?

The growing interest in Injective Protocol is likely due to a combination of factors. Beyond the project’s unique features, like near-gasless transactions and growing adoption, improving crypto sentiment and strategic partnerships might have supported prices and revived social media activity.

To illustrate, Injective recently joined Google Cloud, encouraging developers to build on the platform.

Despite the current optimism, it is not immediately clear whether the spike in social media activity could be a precursor to more price gains for INJ. Even so, with the coin trending at new 2023 highs and trading volumes expanding amid a broader recovery across the crypto scene, it is likely that INJ may explode to record new all-time highs above $25.

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Expert Trader Identifies 6 High-Potential Altcoins To Watch

In its latest update on October 18, renowned crypto analyst Rekt Capital has highlighted six altcoins that have caught his attention, showing potential for the remainder of 2023, Ocean Protocol (OCEAN), Dogecoin (DOGE), Woo Network (WOO), Verasity (VRA), Stellar (XLM), and Injective (INJ).

Mixed Signals For Dogecoin

Rekt Capital’s analysis suggests a crucial moment for the Ocean Protocol. Whether the current price deviation will result in a downside wick below the red channel placed at $0.2763 or if the price will close below it weekly. 

While a downside wick followed by a recovery could lead to a move toward the Channel Top at $0.3247, a weekly close below the Channel Bottom would necessitate keen observation for price rejection as new resistance.

On the other hand, Rekt Capital notes that Dogecoin has been meandering at the bottom of its channel at $0.058890.

Altcoins

However, recent price developments indicate that the potential bullish divergence in its 1-week chart is likely no longer valid. 

The lower low has shifted from support to resistance, confirmed by price action and a breakdown in the RSI’s trendline. Although a scenario of DOGE reclaiming its lower low remains possible, Rekt believes that a more definitive reaction is needed to confirm a potential fake breakdown.

Injective Dominates The Altcoins Market

Woo Network has experienced a relatively subdued quarter compared to the first half of 2023. Despite the uncertain macro outlook, WOO Network remains confident in its vision and mission. 

Notably, the network successfully negotiated the repurchase of shares and tokens from the estate of Three Arrows Capital, alleviating uncertainty for WOO Network’s community and investors.

Verasity is a protocol and product layer platform for esports, video entertainment, and digital content management. Rekt Capital acknowledges the breakout from the mid-term downtrend structure in Verasity’s native token. 

The token has been establishing higher lows after reaching a low point on October 4, indicating a potential shift in momentum.

Stellar is a blockchain-based payments network that facilitates global, efficient digital asset issuance and exchange. XLM has recently displayed sideways price action, trading below its 50-day and 200-day moving averages. Nonetheless, Rekt Capital includes Stellar in their altcoin watchlist, suggesting it is one to watch.

Injective is an open and interoperable blockchain optimized for DeFi applications, utilizing the Tendermint PoS consensus mechanism. Rekt Capital highlights the significant uptrend in INJ’s native token in the past 24 hours and over the past year, with a remarkable surge of 290%.

As Rekt Capital’s analysis indicates, these six altcoins – OCEAN, DOGE, WOO, Verasity VRA, XLM, and INJ – have caught the attention of the crypto analyst. 

While each cryptocurrency presents its unique opportunities and challenges, investors and enthusiasts can look forward to monitoring their performances and assessing their potential for the remainder of 2023. 

Altcoins

Featured image from Shutterstock, chart from TradingView.com

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Injective (INJ) Infuses Adrenaline With Double-digit Gain, Is $2.5 Feasible?

Injective Protocol (INJ) has had a tough time seeing its price shed over 90% from its all-time high of $24.8 against tether (USDT). Despite recently seeing a huge pullback in the crypto market, Injective Protocol (INJ) continues to show immense strength, racking up double-digit gains. (Data from Binance)

Injective Protocol (INJ) Price Analysis On The Weekly Chart 
Weekly INJ Price Chart | Source: INJUSDT On Tradingview.com

INJ saw a decline in its price from $24.8 to around $0.9, with an over 90% drop from its all-time high despite having good fundamentals. The price of INJ bounced off after touching a weekly low of $0.9, and the price rallied to $1.7, showing some great strength.

The price of INJ on the weekly chart needs to build more volume as the price is faced with resistance at $1.9, unable to trend higher. INJ’s price needs to break out with good volume for the price to have a good chance of trading higher above $1.9 and possibly to a region of $2.5. 

INJ must break and hold above the resistance at $1.9 to form a support for the price of INJ to have a chance to trend higher. If the price of INJ fails to break this resistance region, we could see the price retesting the lower weekly region of $1, acting as a good buy zone to push the price of INJ higher and to hold the sell-off.  

Weekly resistance for the price of INJ – $1.9.

Weekly support for the price of INJ – $1.

Price Analysis Of INJ On The Daily (1D) Chart
Daily INJ Price Chart | Source: INJUSDT On Tradingview.com

The daily timeframe for INJ prices looks choppy as prices continue to range with little volume to break out of this range. The price of INJ needs to break out of this range with good volume for the price to trend to $2.5. A break and close above the range channel prevents the price of INJ would be flipped into support and would be good for INJ price to rally to a region of $2.5.

On the daily timeframe, the price of INJ is currently trading at $1.6, holding above the 50 Exponential Moving Average (EMA), acting as support for INJ price. 

The Relative Strength Index (RSI) for INJ is at 50 on the daily chart, indicating low buy order volume. 

Daily resistance for the INJ price – $1.9-$2.5.

Daily support for the INJ price – $1.

Onchain Analysis Of INJ
INJ Onchain Analysis | Source: On Messari.io

Despite still being backed by many investors and partnerships, INJ has seen a tremendous drop across all boards, including price, volume, market circulation, and market dominance, due to the bearish sentiments across the crypto market.

Featured Image From zipmex, Charts From Tradingview and Messari

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How Injective and Band Protocol will take DeFi to the next level

Injective Protocol has announced that it will expand its partnership with Band Protocol. As such, it will operate a validator node for BandChain.

In exchange, Band Protocol will begin participating in Equinox Staking, according to an official post. This is part of Injective Protocol’s testnet preparations for its upcoming mainnet deployment.

Injective is a second layer decentralized exchange created to offer derivatives and “borderless DeFi”. Users can trade any derivatives on its platform without the traditional market restrictions. The protocol is backed by Pantera Capital and Binance.

On the other hand, Band Protocol is an oracle service provider that operates cross-chain data connecting it to smart contracts. Its oracles are used to feed many decentralized applications such as DEX, prediction markets, on-chain games, and others. Backed by Sequoia Capital, it offers a platform without a single point of failure.

The partnership between the referenced protocols has a precedent with the launch of a platform for trading decentralized financial derivatives.

Developed in conjunction with Terra and Mirror Protocol, users can benefit from a decentralized platform to trade derivatives based on shares of Tesla, GameStop, Amazon, and other companies.

Band Protocol’s Oracle integration with Injective Protocol

The latest cooperation is a reinforcement to strengthen the relationship between the protocols. According to the post, Band Protocol’s oracle service will be integrated into Injective Protocol’s financial derivatives ecosystem.

Thus the latter will be able to expand. Injective CEO Eric Chen believes that they have remained “close friends” with Band Protocol since its inception. Chen added:

We’re really excited for the Cosmos ecosystem projects to work together and secure a robust oracle and derivatives primitive alongside Band Protocol right from the start!

Band Protocol team said are “looking forward” to being able to support the expansion of Injective’s ecosystem with their oracles. In addition, they believe that Equinox genesis validators will have a “diligent” execution towards the mainnet.

CEO and Co-Funder of Band Protocol Soravis Srinawakoon said the following on the cooperation:

Band Protocol has been a close collaborator of Injective from the beginning — most notably, our teams launched the world’s first decentralized stock futures trading in collaboration with Terra and Mirror Protocol. We are proud to become a genesis validator on Injective in the lead up to their Mainnet and vice versa, have their team operate a BandChain node to further both teams’ interests.

At the time of writing, BAND is trading at $17,57 and seems to be reacting positively to the announcement with 1.8% gains in the daily chart. In the 7-day chart, BAND has 6.6% profits and 17.5% in the past month.

Band Protocol BAND BANDUSDT
BAND showing gains in the daily chart. Source: BANDUSDT Tradingview