Solana

Better

Injective

Million

Cosmos

INJ token has recently seen a surge in overall whales while the token price has plunged by 4.24% in the last 24 hours.
Injective is an open, interoperable layer one blockchain that powers various applications, including spot and derivatives exchange. The platform provides a powerful core financial infrastructure, which applications can leverage, including MEV resistant orderbook. Injective Protocol provides next-generation, highly interoperable smart contract platforms with advanced interchain capabilities. The platform is custom-built with Cosmos SDK and utilizes Tendermint-based POS, which provides instant transaction finality with the ability to sustain lightning-fast performance.
The overall ecosystem has over 100+ projects with more than 150,000 community members. The use case intended for the INJ token includes protocol governance, dApp value capture, developer incentives, and many more. Let’s have a look at the onchain analytics of the Injective protocol.
<h2 class="wp-block-heading" id="strong-is-injective-protocol-emerging-as-a-better-alternative-to-solana-and-cardano-strong">Is Injective Protocol Emerging as a Better Alternative to Solana and Cardano?</h2>
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/5s8_x5PRLvEJamlciJzL7qlIDBS1VWupz5tIIgdgerC3C83X0A_BhFLekkq9oeBPS3fSbndDuQ00dr4iBV0DTLwCFMz9xpqNs-pqh5seKTMB9yhw30qbZvn1AddpB6i_ynmd7LwPOeJdl9UPS1hXJZ0" alt="">
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Source: Dune.com
The Injective protocol is powered by a global network of developers, builders, validators, institutions, and partners. One can launch dynamic dApps with the protocol’s powerful CosmWasm smart contract platform. The<a href="https://www.thecoinrepublic.com/2024/03/06/injective-protocol-price-analysis-will-inj-break-consolidation/" target="_blank" rel="noopener noreferrer nofollow"> Injective protocol</a> has an average block timing of 0.8 sec with transaction fees less than $0.01. The platform has seen over 623,349,107 on-chain transactions since its inception. There are over 57,116,112 INJ staked with an average APR of 14%. If we look at users’ activity on the platform, one can observe a significant decline in the past few months. The unique sender and receivers of the INJ token have also declined from 2263 to 200 in the past few months.
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/9TK2RC34qr8YGf5rjEIKrBv2M_DzmqAigmEVA1xo4sHLM9yDfAatH-NcGHjZueJkItP0STASQuvhwe54xKOpqg39RWZgASuarOMftzbWu_8rSZAcoWLKnyMJstEifOLiVykBtoHbxGHrMVgIsANs6Yo" alt="">
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Source: INJ TVL By Defillama
If we look at the net inflow to exchanges and the price relation of the token price, there is no significant impact due to inflow or outflow. Meanwhile, protocol TVL has seen a decline from the highs of $72 Million to a low of $60 Million. The average transfer volume of the protocol has declined from $600 Million to $122 Million in the past few months, as per the data provided by Dune Analytics.
<h4 class="wp-block-heading">Is The Bearish Dominance Increasing Over Inj Token Price?</h4> 
<a href="https://in.tradingview.com/chart/INJUSDT/mT3TS4f3-</a> by <a href=" https: in.tradingview.com u ritika_tcr rel="noopener noreferrer nofollow">Ritika_TCR</a> on <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow">TradingView.com</a> 
Injective Protocol has a market cap of $2.1 Billion and is ranked 49th in the CMC. It has a supply of 100 Million, of which 93% is circulating in the market. INJ token price is currently trading near the value of $23.35, with a drop of 1.57% in the intraday session. Meanwhile, the volume of the token has seen a surge of 114% in the past 24 hours.
INJ token price is trading below the 50 and 200 EMA with the upcoming negative crossover. The negative crossover can increase the bearish momentum of the price. INJ token support level can be observed near the value of $20, while the resistance can be seen near $31.
The RSI and MACD of the token price are in a neutral zone with weak, bearish sentiments.
<h4 class="wp-block-heading">Conclusion</h4>
The Injective protocol has observed an increase in the overall whales while the net users’ activity has declined. There is a net surge in the INJ token’s inflow into CEX and DEX, which can cause bearish momentum. As per analysts, the INJ token price is currently in a consolidated zone but can see a new high soon.

Is Injective Protocol Defence Getting Broken Down by Bears?

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Thecoinrepublic.com

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