Injective price has seen a steady rise since mid-May, as traders monitor the growth of its ecosystem following recent events. The INJ token surged to $30, hovering near its highest levels since April 12. It has rebounded by over 60% from its lowest point in April. Injective, a blockchain network focused on financial applications and backed by Mark Cuban, has recently integrated PYUSD, the stablecoin launched by PayPal.

According to the developers, Injective has become the first layer-1 platform to support the $400 million stablecoin. This integration allows the token to be transferred from Ethereum and Solana onto Injective. dApps on Injective can now utilize PYUSD for fast payments, trading, DeFi, and more.

Injective is integrating PYUSD, becoming one of the first L1s to support the stablecoin released by PayPal & Paxos. PYUSD can be onboarded from Ethereum & Solana onto Injective.

This integration was facilitated by Wormhole, a major bridging network in the blockchain industry.

Meanwhile, Mito Finance, an emerging liquidity management platform on Injective, has launched permissionless vaults. This feature enables users to create their own vaults on Mito and begin trading. Already, users have established GME/INJ, ZIG/INJ, and NLT/INJ pairs on the platform.

Despite these advancements, Injective’s ecosystem remains smaller compared to some of its newer competitors. According to DeFi Llama, the network hosts 17 DeFi applications with a total value locked (TVL) of over $159 million. The leading players on the platform include Hydro Protocol, Dojoswap, Helix, and Neptune Finance.

In comparison, the recently launched Blast network boasts over $2.07 billion in assets, while Base and Merlin have $1.68 billion and $1.17 billion in assets, respectively.

Helix, the largest DEX on the platform, has recently experienced success. According to CoinMarketCap, Helix handled over $101 million in transactions within the past 12 hours, ranking it as the 16th largest player in the industry. A potential factor that could help Helix gain market share is the ongoing launch and popularity of meme coins. Recently, Solana meme coins like Bonk and Dogwifhat have boosted Raydium, Orca, and Jupiter into top-5 DEX networks.

Injective Price Forecast

The INJ token bottomed at $18.66 in April and has now rebounded to over $30. It has surpassed the crucial resistance point at $30, its highest level in April and May and the lowest point in January. The 25-day and 50-day moving averages have formed a bullish crossover, while the Relative Strength Index (RSI) has developed an ascending channel.

Given these indicators, the token’s outlook remains bullish, with the next reference level to monitor being $45, its peak on January 9th. This forecast suggests a 46% upside from the current level.

For more updates and news on cryptocurrencies, investing, and finance, stay tuned to Global Crypto News.

Post Views: 4