INJUSDT Archives

4th May 2024

Injective (INJ) Price In Danger If It Falls To Crucial Support Level: Analyst

INJ, the native token of the Injective Network, commenced May with a fluctuating price action marked by a series of significant losses and gains. As INJ attempts to establish a stable price trajectory, popular market analyst with X handle Crypto Tony has highlighted a pivotal support zone for the altcoin in the coming weeks.

INJ Must Not Fall Below $19.30 Level, Analyst Warns

In an X post on Friday, Crypto Tony shared a vital insight on the INJ market which could create a sentiment of caution among many traders. The renowned analyst stated that INJ must maintain a market price above the $19.30 price zone, warning that a dip below this support level could spell danger for investors.

While Crypto Tony did not say the extent of this danger, the possible loss seems to be likely massive as his statements implied the INJ bull traders could struggle to re-establish market control should the token’s price fall below the specified threshold. Furthermore, the analyst stated that early investors of INJ including himself would be immune to this potential downside. However, he still plans to pull out of the Injective market should the token lose its $19.30 support zone.

Currently, INJ trades around $24.70 reflecting a gain of 4.68% in the last day after a period of intense market volatility. The altcoin appears to be gathering momentum for a bullish trend following negative performances in recent weeks resulting in a decline of 24.07% in the last 30 days.

What’s Next For Injective?

With respect to a highly anticipated crypto bull run, INJ, which gained by over 3,000% in 2023, has been marked by several analysts as one potentially favorable altcoin for investment in the coming weeks.

Interestingly, these sentiments have been bolstered in recent weeks by a series of positive developments on the Injective network. For instance, Injective recorded 2.4 million transactions in a single day marking a new milestone in daily transactions for the Layer 1 network.

In particular, the Injective 3.0 network upgrade has also been recently approved which is expected to tackle the inflationary problems of the INJ by decreasing the token’s minimum and maximum creation rate by 25% and 30%, respectively over the next two years on a uniform quarterly basis.

Through these deflationary measures, it is expected that INJ would experience an increased scarcity which could, in turn, drive up the altcoin’s market value, thus contributing to a positive performance in the expected crypto bull run. However, investors are reminded that all cryptocurrencies are subject to varying levels of market volatility and are admonished to trade with all necessary caution.

Injective INJ trading at $24.66 on the daily chart | Source: INJUSDT chart on Tradingview.com

20th April 2024

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.

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.

4th April 2024

Injective Whales Go On $24.8 Million Buying Spree, Is This The Next Solana?

Injective (INJ) may be on the brink of a potential price surge following a recent wave of accumulation by crypto whales. This would undoubtedly be a much-needed relief for the INJ token, which has dipped significantly in the last seven days.

Crypto Whales Buy $24.8 Million Worth Of INJ

Data from the market intelligence platform Santiment shows that Whale Addresses recently bought $24.8 million worth of INJ, bringing their total holdings to 10.69 million INJ. This purchase is significant considering the impact that crypto whales have on the market. As such, a purchase of such magnitude could provide a much-needed boost to INJ’s price.

Injective, like the broader crypto market, has been on a steady decline over the last week, dropping by over 14% during that period. The crypto token has also suffered a reversal of fortune, as it currently has a year-to-date (YTD) decline of over 9%. That is shocking for a token that enjoyed a 3000% gain in 2023 and even outperformed Solana (SOL), whose rally was one of last year’s major talking points.

However, a major correction like this was expected for INJ’s price, which enjoyed a sustained rally last year, suggesting it was possibly overbought at some point. A price decline like this one is necessary for the crypto token to once again establish itself and make another move to the upside.

Injective Could Follow Solana’s Trajectory

Crypto analyst Crypto Dona recently suggested that Injective could follow a similar path to SOL’s price action in 2021. Back then, SOL is said to have been stuck between the $20 and $40 price range for more than 100 days. However, just when everyone was about to give up on SOL, it went on a massive run and saw a ten times increase in its price.

The crypto analyst expects something similar to happen with INJ’s price, stating that a 10x might be around the corner. Injective, being an AI (artificial intelligence) coin, is also likely to keep attracting much attention heading into the latter stages of this bull run. That could reflect positively on its price since more liquidity will flow into its ecosystem.

The recent purchase by these crypto whales also underlines the bullish sentiment toward the crypto token despite its current unimpressive price action. Members of the INJ community have also expressed optimism about the token’s future trajectory, with Crypto Dona, in particular, stating that its price is still going to three digits.

At the time of writing, INJ is trading around $32, down over 5% in the last 24 hours according to data from CoinMarketCap.

Injective price chart from Tradingview.com

19th March 2024

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.

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.

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.

8th March 2024

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

15th February 2024

These Are The Altcoins Drawing Whale Interest, Santiment Reveals

The on-chain analytics firm Santiment has revealed some altcoins currently witnessing high interest from the whales.

Whale Transactions Have Spiked For These Altcoins Recently

In a new post on X, Santiment has discussed how several altcoins have been showing interest from the whales. The on-chain indicator of relevance here is the “Whale Transaction Count,” which keeps track of the total number of transfers carrying a value of at least $100,000 taking place every day on the blockchain for any given cryptocurrency.

Such large transfers are generally assumed to be coming from the whale entities, as they can only move around amounts this large with single transactions.

When the metric’s value is high, the whales make many transfers. This trend implies that these humongous investors are highly interested in trading around the asset in question.

On the other hand, the low indicator suggests the whales may not be paying attention to the cryptocurrency as they aren’t making that many moves on the network.

Now, here is the chart shared by the analytics firm that shows the trend in the Whale Transaction Count for some altcoins over the past month:

Altcoins Whale Transaction Count

As displayed in the above graph, these five altcoins have all seen some boost in their Whale Transaction Counts recently: Injective (INJ), Rocket Pool (RPL), PlayDapp (PLA), STP (STPT), and Basic Attention Token (BAT).

Given this close surge in the indicator for all of these assets, it would appear possible that the whales have now started playing around with alts after gaining confidence from the sharp rally that Bitcoin has enjoyed.

Now, what does this fresh whale interest mean for these altcoins? Usually, a high value of the Whale Transaction count is a predictor of volatility for any cryptocurrency.

This is because the whales’ transfers carry a significant value. Of course, any single transaction will likely not be big enough to move the market appreciably on its own, but if many such transfers occur at once, the asset could feel some turbulence.

However, any such volatility that may arise out of this high whale trading activity can theoretically go in either direction. The Whale Transaction Count only measures the pure number of large transfers happening on the network and doesn’t provide any information about whether these are buying or selling moves.

As such, the only thing that can be said about these altcoins observing high interest from these humongous holders is that they are now more likely to display some volatility, the direction of which is uncertain.

INJ Price

The 31st-placed coin in the market cap list, Injective, is trading around $35 after going up more than 4% in the past week.

Injective Altcoins Price Chart

18th January 2024

Injective On A Roll: Crypto Analyst Predicts Massive Breakout Against Bitcoin

Crypto analyst The Crypto Dog has provided a bullish narrative for the Injective (INJ) token. As part of his insights, the analyst hinted that the crypto token could outperform Bitcoin soon enough.

Injective To Breakout Against Bitcoin

In an X (formerly Twitter) post, The Crypto Dog shared an INJ/BTC chart while hinting that an “incredibly bullish structure” was forming on the charts for Injective against the flagship crypto token. From the chart, it was obvious that the analyst was suggesting that the INJ token could soon make a massive move against Bitcoin.

However, he didn’t provide details as to when this move could occur and what price levels INJ will hit once this impending breakout happens. Just like Solana’s SOL, INJ was another standout crypto token in 2023, as it rose to almost $40, enjoying a gain of about 3,000% in the process. This was more commendable, considering that it happened in an ongoing bear market.

Interestingly, INJ’s run continued into the new year, with the crypto token hitting its current all-time high (ATH) of $45 on January 9. One of the narratives that is believed to have brought INJ this far is the one around artificial intelligence (AI) tokens, with AI projected to be one of the leading themes in the next bull run.

Injective, a layer-1 blockchain, also prides itself as the first blockchain to offer auto-executing smart contracts and happens to be one of the fastest blockchains out there. With such features, there is no doubt that the demand for the INJ token could continue to be on the rise as Injective’s utility increases.

Injective price chart from Tradingview.com (INJ Bitcoin)

Other Narratives That Could Lead To INJ’s Rise

The Injective blockchain happens to be interoperable with Ethereum through its cross-chain infrastructure. This could be significant especially as Ethereum continues to see its dominance surge. Once ETH begins to run, INJ could be one of the biggest benefactors since some of the liquidity in the Ethereum ecosystem could easily flow into Injective.

Injective’s distinct burn mechanism is another feature that could be a big plus for INJ’s price. The network is known to carry out a weekly on-chain buy-back-and-burn auction where 60% of fees generated on its protocols are auctioned, with users only being able to bid in INJ. The INJ tokens made from these auctions are then burned and removed from circulation.

These weekly burns are expected to be effective, considering that the token has a maximum supply of only 100 million. So far, close to 6 million of this supply have been burned. Meanwhile, at the moment, there are only just 83.7 million INJ tokens in circulation.

At the time of writing, INJ is trading at around $38, down over 4% in the last 24 hours, according to data from CoinMarketCap.

7th January 2024

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:

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.

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:

Click on the hamburger sign in the top left corner.
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

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)

15th December 2023

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.

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.

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.

11th December 2023

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.

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.

11th December 2023

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

Injective Social Media Activity Rising

Injective Protocol social media mentions | Source: AlphaScan on X

Is INJ On The Cusp Of Exploding Above $25?

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

11th December 2023

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

Injective Social Media Activity Rising

Injective Protocol social media mentions | Source: AlphaScan on X

Is INJ On The Cusp Of Exploding Above $25?

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

29th May 2023

Bullish Run for Injective (INJ): Will the Momentum Continue?

The Injective (INJ) price has experienced an uptrend, resulting in price increases since yesterday, May 28. This trend indicates a positive sentiment among investors, with more buyers entering the market and increasing prices.

Meanwhile, the uncertainty around the price of the general crypto market has caused speculations about whether this momentum will continue.

Assessing The Potential For Sustained Momentum

The bullish sentiment in the INJ market has affected its price positively, resulting in an increase of 8.78% in the last 24 hours. Also, the buyers have maintained this momentum, resulting in a surge of 8.56% in the 7-day trading period.

The asset’s current price sits at $7.41 as of the time of writing based on CoinMarketCap data. The assets’ 24-hour trading volume and total market cap show positive market participation with an increase of 200.36% and 9%, respectively.

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

INJ has maintained the uptrend movement by forming higher highs and lows. This formation indicates that INJ’s price is under bullish control, and the demand is growing rapidly.

Also, the asset trades above the trendline, which may be considered a trendline support for investors and traders. This positive sentiment may attract more investors and increase prices.

Recent Bullish Fundamentals

Recently, there have been many partnerships and initiatives around the Injective ecosystem. This has resulted in bullish sentiment and price gains for INJ.

On May 24, Injective announced the launch of the first IBN-enabled SVM Rollup with their partnership, Eclipse, on their page. This initiative will enable Solana developers seamlessly interact and build with Injective and the broader Cosmos universe.

The INJ team made this announcement on May 13, 2023, stating that anyone interacting with dApps built on INJ or L1 Chain may receive an NFT. The surprise NFT announcement boosted the bullish momentum in the market.

Bollinger Bands & MACD Signals Bullish Momentum

The asset is currently trading above the upper band of the Bollinger Bands Indicator. This suggests a bullish movement and a potential buy signal for investors and traders.

Bearish Sentiment Hits EOS As Bulls Lose Control, What Lies Ahead?

It is important to note that an asset above the upper band implies that the price has moved to an extreme or overbought level.

In addition, the Moving Average Convergence/Divergence (MACD) is currently above the signal line suggesting a bullish sentiment. This indicates that the buying pressure outweighs the selling pressure.

The INJ price trades above the 50-day and 200-day Simple Moving Averages (SMA), indicating bullish sentiment. The price above both SMAs implies that the asset is under bullish pressure and a potential long-term bullish trend.

Also, a Demand Index reading of 0.170 suggests positive buying pressure in the market. This indicates that the buying pressure is relatively stronger than the selling pressure.

Featured image from Pixabay and chart from Tradingview

14th September 2022

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