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 crypto market.
The news came as the network’s INJ coin enjoyed a strong 2023, more than trebling despite some setbacks.
CCN reached out to Injective for commentary, but did not receive a reply at the time of publishing.
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 August 3 2023.
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, which was founded by crypto entrepreneurs Eric Chen and Albert Chin in 2020.
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 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 buy, sell, and trade it on exchanges.
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 an all-time high 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.
INJ has performed better in 2023 so far. 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.
Since then, it has made a recovery. It traded above $9 in the middle of July. Since then, it has fallen, and, on August 3 2023, it was worth about $8.
At that time, there were 83.7 million INJ in circulation out of a total supply of 100 million. This gave the coin a market cap of about $668.8 million, making it the 58th-largest crypto by that metric.
In recent weeks, Injective has risen and then fallen. It grew more than 80% between its low of June 15 and its high of $9.83 July 14. Although it has dropped almost 20% since then, there is some positive news. It is up more than 45% since the middle of June. Perhaps more importantly, INJ has risen by nearly 240% since the start of the year.
With that all said and done, let’s examine some of the Injective price predictions being made on August 3 2023. 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.
First, CoinCodex made a short-term Injective price prediction which said the coin would drop to $7.54 by August 8 before climbing to $8.58 by September 2. The site’s technical analysis was bullish, with 24 indicators sending positive signals and just six making bearish ones.
CaptainAltCoin ’s Injective price prediction for 2023 was gloomy. The site said the coin would fall to $5.12 in October and close the year at $5.40. DigitalCoinPrice argued it would be worth $15.92. PricePrediction.net said it would reach $9.28.
In terms of an Injective price prediction for 2025, DigitalCoinPrice said the coin would reach $27.43. PricePrediction.net thought it would trade at $18.67. CaptainAltCoin argued that INJ would be worth $24.39 in two years time.
Moving on to a more long-term Injective price prediction for 2030, PricePrediction.net said it would reach $128.14. Captain AltCoin suggested it getting to $60.98. DigitalCoinPrice’s INJ price prediction said it would trade at $80.89 at the start of the next decade.
It is hard to say. While the crypto has performed well this year, 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 which 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.
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.
Before you decide whether or not to invest in Injective, you will have to do your own research, not only on INJ, but 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.
On August 3 2023, there were 83.7 million INJ in circulation out of a total supply of 100 million.
It might do, but not for some time. PricePrediction.net said it would get there in 2030 and DigitalCoinPrice predicts it reaching that level in 2031. CaptainAltCoin says INJ will reach three figures by 2040.
Keep in mind that Injective has never traded at $100. Its highest ever price, $25.02, came in April 2021.
The INJ coin supports the Injective blockchain. People can buy, sell, and trade it on exchanges.
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.