Injective price forms ‘lower highs across the board,’ says analyst
The post Injective price forms ‘lower highs across the board,’ says analyst appeared on BitcoinEthereumNews.com.
Injective, the popular Cosmos-based blockchain for decentralized finance, continued retreating amid concerns about its ecosystem. Injective (INJ) token retreated to $16.90 on Sep. 3, its lowest point since Aug. 8. It has dropped by over 67% from its highest point this year, erasing most of the gains it made in 2023. Its valuation has dropped from over $4.8 billion in March to $1.65 billion. Ecosystem challenges remain Injective’s price action has coincided with the sell-off of most altcoins as the crypto fear and greed index remained at the neutral point of 47. This decline has occurred despite a significant increase in the network’s on-chain transactions. According to its website, Injective has handled over 918 million transactions since its launch. However, concerns persist about its ecosystem in relation to its valuation. Data from DeFi Llama shows that its DEX protocols handled $43.7 million in the last seven days, making it the 23rd largest chain in the industry, lagging behind platforms like Osmosis, Mantle, and Blast. Injective’s DEX volume has been in steady decline after peaking at $611 million in March this year, indicating that its DEX ecosystem is not experiencing growth. Injective DEX volume | Source: DeFi Llama The total value locked in the Injective ecosystem has retreated to $46.5 million, making it the 51st largest chain. This TVL has also been decreasing after peaking at $72 million earlier this year. Additionally, the volume of stablecoins in its ecosystem has dropped to $22.6 million. Injective’s performance in the DeFi industry is notable because its goal is to become the blockchain for the financial services industry. Injective token has also retreated as its staking inflows have declined. Data shows that the network has experienced outflows in the past two days, while the staking yield has retreated to 10.4% from last month’s high…
Filed under: News - @ September 3, 2024 5:26 pm