Prices of INJ, a native token to the Injective Protocol, were $21.79 at the time of articulating this piece. While it is a drop from the recent high of $23.21, it still marks an interesting event, considering Injective has been experiencing an upward trend for a long time now. Most of it is credited to the upcoming Volan upgrade, along with Helix capturing a larger market share.
Helix is the key decentralized exchange that is hosting INJ. The larger the market share it captures, the higher the accessibility of the token among crypto enthusiasts. It only goes on to state that trading and utility are bound to jump to the next level.
INJ is primarily for the financial industry; however, its trading prices have set a tone for every trader to accumulate it in their portfolio.
The market cap is up by 15.45%, and the 24-hour volume has increased by 163.11%. That has given Injective the 40th spot at the time of writing, making it the biggest crypto in the top 40. A reason why INJ is gaining an upward trajectory is because three imperative elements are starting to get their due recognition: speed, interoperability, and stability.
Injective protocol absorbs these elements from different networks. For instance, it feeds high speed from Solana and stability from Ethereum. Cosmos helps achieve interoperability.
Helix recently recorded transactions worth $33.9 million to become the 28th biggest DEX across the globe. Injective’s name service has also left a mark in the industry. The number of registrations stands at 3k+.
The Volan upgrade adds to those factors with the ability to handle 10,000+ transactions every second. It will achieve this with unmatched efficiency and speed, backed by the security and transparency of the network. The Volan upgrade is tentatively scheduled to occur in the next few weeks.
That prediction dates to November 30, 2023, with no sign of an upgrade whatsoever. INJ continues to dance around the $22 mark, with an increase of ~17.16% in the last 24 hours. It further marks a rise of 1215.85% in the last year. The INJ price prediction estimates that the token may end the year 2030 at $86.53 if it keeps up the momentum. It has, so far, surpassed the original high of $18.96 for the current year.
The Injective protocol has also seen a surge in on-chain transactions and the production of blocks. Figures for both stand at 364 million and 54 million, respectively. Some of the biggest developers who are now hosted by the Injective protocol are Black Panther, Mito, Helix, and Talis.
There is a bullish sign for INJ since the token is constantly above all moving averages. The next point to watch out for is $24–$25. An estimated timeline is unavailable, but the community can expect the level to break even by the middle of 2024.