In recent months, the Injective (INJ) token has demonstrated impressive growth both in price and network activity. This article examines key achievements and the token's dynamics over the quarter.
Record Surge in Injective Network Activity
From January to July, the number of active addresses on Injective surged by 1,500%, reaching 82,500. Analyst Lennaert Snyder noted, "Injective is growing exponentially and this is just the beginning," referring to data from Token Terminal. The spike in activity was particularly noticeable in April and early Q2, indicating strong interest in the protocol.
Price Stability of INJ
Currently, INJ is priced at $10.86, showing a 2.9% increase from the previous day. The token maintains support at the $10 level despite fluctuations and pullbacks, suggesting significant buyer interest. In May, the token reached $15, marking one of the strongest weeks of the quarter.
Performance Comparison of Injective with Other L1 Tokens
INJ ranked second in performance among Layer 1 tokens, achieving a growth of 46.78% from April to July. Leading this category was SUI with a 61.72% gain. While tokens like Ethereum and Bitcoin remained flat, smaller Layer 1 tokens, including Injective, exhibited noticeable price volatility and active investor participation.
As a result, the growth of the Injective token and the sharp increase in active addresses highlight the increasing interest in the protocol and its resilience amidst a generally flat market. This quarter has clearly marked an important stage in the development of Injective.
