Injective Price Prediction 2024: INJ Hit All-Time High But Drops
What's next for Injective
Key Takeaways
- The Injective blockchain supports a crypto exchange and decentralized application creation.
- Its native coin, INJ, recently reached an all-time high.
- Can it continue to reach new heights, or will there be a slump in the future?
- One Injective price prediction says it can reach $141.72 next year.
The Injective crypto platform generated some interest in the summer of 2023. The system launched its own hackathon in May, letting it potentially grab the attention of the wider cryptocurrency market and celebrated a milestone transaction in December.
Things got even better in the new year and it reached an a high in January. It fell after that, despite making its debut on the Bitfinex crypto exchange.
However, it reached a new all-time high in March before slumping.
By March 14 2024, INJ was worth about $48.
Injective did not immediately respond to a request for comment.
But what is Injective (INJ)? How does Injective work? Let’s see what we can find out, and also take a look at some of the Injective Price Predictions that were being made as of March 14 2024.
Injective Coin Price Prediction
Let’s examine some of the Injective price predictions being made on March 14 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
| 2024 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $40.79 | $141.72 | $354.30 |
| Prediction #2 | $100.70 | $114.15 | $240.38 |
| Prediction #3 | $71.45 | $103.82 | $354.83 |
First, CoinCodex made a short-term Injective price prediction which said the coin would reach $64.48 by March 19 before skyrocketing to $164.22 by April 13. The site’s technical analysis was bullish, with 25 indicators sending positive signals and just three making bearish ones.
Injective Price Prediction for 2024
CaptainAltcoin said the coin would fall to $40.79 by December. DigitalCoinPrice argued it would be worth $100.70 this year. PricePrediction.net said it would reach $71.45 in 2024.
Injective Price Prediction for 2025
Moving on, DigitalCoinPrice said Injective would reach $114.15 in 2025. PricePrediction.net thought it would trade at $61.26 then. CaptainAltcoin argued that INJ would be worth $141.72 next year.
Injective Price Prediction for 2030
Moving on to a more long-term Injective price prediction, PricePrediction.net said it would reach $672.17 in 2030. CaptainAltcoin suggested it getting to $354.30 that year. DigitalCoinPrice’s INJ price prediction said it would trade at $354.83 at the start of the next decade.
Google BardAI Price Prediction for Injective (as of March 14)
Google’s BardAI platform gave the following price prediction for Injective on March 14. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.
For instance, it appears to be unaware of its March 12 all-time high.
Short-Term (Next Few Months):
- Possible increase of 5% reaching around $48 by the end of the week, according to Binance’s price prediction tool.
- There could be some pullbacks before potential growth, as analysts suggest INJ might retest support levels around $33.
Reasons:
- Recent bullish trends in 2023 suggest continued momentum, with INJ reaching an all-time high in January 2024.
- Overall crypto market performance will play a role.
Medium-Term (Next 1-2 Years):
- Predictions vary between different sources. Some analysts are cautiously optimistic, with Binance predicting a price around $50 by 2025.
- Others offer a more bullish outlook, with CoinCodex forecasting INJ reaching up to $49 by 2025.
Reasons:
- The success of Injective’s DeFi applications and ecosystem development will influence its price.
- Wider adoption of the Injective protocol could drive demand for INJ tokens.
Long-Term (Next 5+ Years):
- It’s challenging to make accurate predictions this far out.
- Binance predicts a modest increase to $64 by 2030.
- Coin Price Forecast offers a much more bullish target of $700 by 2035, but this should be viewed with skepticism.
Reasons:
- Long-term growth depends on factors like mainstream crypto adoption, regulations, and unforeseen technological advancements.
- It’s important to consider the overall cryptocurrency market’s trajectory when making long-term predictions.
It added: “Overall, remember that these are predictions and not financial advice. It’s crucial to do your own research before making any investment decisions.”
Recent Updates from Injective
On March 13 2024, INJ reached an all-time high. The coin had been enjoying a price boost following announcements of new upgrades to the system. It also recorded its 350 millionth on-chain transaction in January.
On January 25, INJ became available on the Bitfinex exchange.
INJ Price History
Now, let’s examine some of the Injective price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret an Injective price prediction.
INJ was worth about $0.75 when it came onto the open market in October 2020. The bull market of early 2021 saw it reach a peak of $25.01 on April 30 that year. After that, it fell. Not even the release of the Injective mainnet, which turned INJ from a token to a coin, could stop the drop. It closed the year at $8.24.
The coin struggled in 2022. INJ was unable to resist market forces. A series of crashes saw it close the year at $1.26. This meant the coin fell by nearly 85% over the course of 2022.
Injective in 2023 and 2024
INJ had a much better year in 2023. The coin broke past $9 briefly in April. The news of the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges hit it, though. On June 15, it dropped to $5.46.
It made a recovery, trading above $9 in the middle of July. It then fell, reaching a low of $6.40 on September 11. In the month after that, it went back up again. By November 11, INJ was worth $19.01. This point served as a kind of resistance level for the next month or so but, on December 10, it started a rally and closed the year at $35.78. This represented an annual rise of more than 2,000%.
Things continue to go up in early 2024, with INJ reaching an all-time high of $45.19 on January 9. After that it faltered a little, relatively speaking and, by January 26 2024 it was worth about $33.35.
The market boom surrounding Bitcoin (BTC) reaching a string of all-time highs led INJ to its own record price of $52.65 on March 13. The following day, it was worth about $48.05.
At that time, there were 93.4 million INJ in circulation out of a total supply of 100 million. This gave the coin a market cap of about $4.4 billion, making it the 29th-largest crypto by that metric.
Injective Price Analysis
Since December 18, the price of INJ has formed a symmetrical triangle. These chart patterns are ambiguous in indicating the direction of a potential breakout, so the crypto could move either way.
December’s peak could represent the third wave of a larger five-wave pattern, with the symmetrical triangle serving as a consolidation phase for the fourth wave. If this is the case, its recent all-time high is the fifth wave, concluding the broader uptrend.
There are still no signs of weakness, however, which is why further upward movement is expected, with Injective’s next target being around $55.
Is Injective a Good Investment?
It is hard to say at this time. While the crypto has performed extremely well recently, there is always the possibility that things could go wrong at any time.
Although Injective does a lot of things, it could be argued that it might benefit from a bit more focus. Certainly, crypto exchanges that double as dApp platforms are pretty rare, and that might be for a good reason.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in INJ.
Will Injective go up or down?
No one can really tell right now. While the Injective crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Should I invest in Injective?
Before you decide whether or not to invest in Injective, you will have to do your own research, not only on INJ, but also on other, related, coins and tokens such as Cronos (CRO) or Cosmos (ATOM). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
Who are the Founders of Injective?
Eric Chen and Albert Chon founded Injective in 2017. Chen previously worked as a researcher at Innovative Capital. Chon had worked for Amazon before founding the platform.
Who Owns the Most Injective?
On March 14, 2024, a wallet linked to Injective held nearly 70% of the coin’s supply.
Richest INJ Wallet Addresses
As of March 14, 2024, the five richest INJ wallets were
- 0xf955c57f9ea9dc8781965feae0b6a2ace2bad6f3. This wallet, named Injective: Peggy Bridge Proxy, held 68,439,422 INJ, or 68.44% of the supply.
- 0x7e233eafc76243474369bd080238fd6eb36a73ce. This wallet held 10,607,778 INJ, or 10.61% of the supply.
- 0x37d02dc3c8cd880cf00f5c06670087c0a14f9eb8. This wallet held 3,480,952 INJ, or 3.48% of the supply.
- 0x93299bc6e036190591291cb78ab626485a7c9c7f. This wallet held 2,183,701 INJ, or 2.18% of the supply.
- 0xc5458d4093fa55d515c26951a992e49b5c89e1e4. This wallet held 1,000,000 INJ, or 1% of the supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Total supply | 100,000,000 |
| Circulating supply (as of March 14 2024) | 93,400,000 (93.4% of the total supply) |
| Holder distribution | Top 10 holders own 89.01% of the total supply, as of March 14 2024. |
From the Whitepaper
In its technical documentation, or whitepaper , Injective says that it is a “blockchain built for finance”.
It adds: “Injective is the only blockchain where developers can find robust out-of-the-box modules such as a completely decentralized orderbook that can be utilized to build a diverse array of sophisticated applications. Moreover, Injective is an open interoperable smart contracts platform.”
Injective (INJ) Explained
Decentralized Finance (DeFi) is based on the idea that people should be able to access financial services without having to rely on centralized institutions like banks.
Injective is a blockchain designed to work in the DeFi space. It gives people the opportunity to build their own decentralized applications (dApps) and create their own crypto tokens.
As well as being a DeFi blockchain, Injective is also a crypto exchange. This means that it serves as a place where people can buy, sell, and trade crypto. It also allows people to take part in crypto derivatives trading.
The INJ coin supports Injective.
How Injective Works
Injective’s exchange platform uses order books to help fund transactions and set prices.
The system can also operate on a cross-blockchain basis, with links to Ethereum (ETH), Polygon (MATIC), and Solana (SOL).
Injective uses a Proof-of-Stake (PoS) consensus mechanism. This means that it selects people to add blocks to the blockchain and verify transactions based on how much INJ they hold.
People can stake, or set aside, INJ in return for rewards. Holders can vote on changes to the network and they can also buy, sell, and trade it on exchanges.
Injective Attention Tracker
Here is a chart for Injective Google search volume for the past 90 days. This represents how many times the term “Injective” has been Googled over the previous 90 days.
FAQs
Will Injective Reach $100?
It might do. DigitalCoinPrice and CoinCodex said it could reach that level this year. Meanwhile, CaptainAltCoin and PricePrediction.net said it would reach three figures by 2025.
Keep in mind that Injective has never traded at $100. Its highest ever price, $52.65, came on March 13 2024.
What is Injective used for?
The INJ coin supports the Injective blockchain. People can buy, sell, and trade it on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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