Injective Protocol’s native token INJ has significant upside potential if it follows the growth of similar smart contract platforms from last cycle. Projects like Cardano (ADA) gained 170x, Solana (SOL) 250x, and Polygon (MATIC) over 1000x during the last bull market. Now, signs point to Injective being one of the biggest gainers this cycle.
Injective Protocol is an interoperability-focused Layer 1 blockchain that provides developers with a platform to build decentralized applications. It differentiates itself through its Ethereum Virtual Machine compatibility, fast block time of just 2 seconds, and a unified order book allowing decentralized exchange liquidity sharing.
Over 50% of the circulating INJ supply is currently staked, enabling a sustainable source of rewards for validators. Injective also burns INJ tokens weekly based on 60% of fees collected, creating deflationary pressure on the supply.
Injective’s various products are seeing surging adoption. Its Helix trading platform recently hit over $100 million in daily trading volume two days in a row. Active wallet addresses on Injective are going parabolic, passing 50,000.
With strong fundamentals and accelerating momentum, Injective seems primed for exponential growth this cycle. Analysts predict its nearly $250 million market cap could multiply many times over, especially if the crypto bull market picks up steam.
Injective offers high speed, low fees, and seamless DeFi interoperability – exactly what developers and traders are looking for. As more projects integrate with Injective and user adoption rises, INJ appears set to be one of this cycle’s top performers. Its current low valuation relative to competitors means substantial upside potential as Injective continues gaining traction in the crypto ecosystem.
Injective Price Action
The price of Injective (INJ) is $9.16 today with a 24-hour trading volume of $108,659,817.52. This represents a -5.87% price decline in the last 24 hours and a 14.39% price increase in the past 7 days. With a circulating supply of 80 Million INJ, Injective is valued at a market cap of $731,339,248.
- July 1, 2023: INJ opened at $8.13.
- July 15, 2023: INJ is trading at $6.93.
The price of INJ has been volatile in the past month, with a number of sharp ups and downs. The overall trend has been downward, but there have been some signs of recovery in recent days.
On July 14, 2023, INJ reached a high of $9.77, which is its highest price in the past year.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com