Injective protocol price prediction: Bullish angle for DeFi coin

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INJ has faltered in the crypto winter – can it sustain the recent rallies?

The INJ logo in front of a bullish price graph                                 
Investors can create pre-IPO stock derivatives on Injective protocol, including SpaceX – Photo: Shutterstock
                                

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As the hunger for decentralised investment opportunities grow, there is a rising demand for stock derivatives. Injective Protocol is a DeFi platform taking advantage of this market.

It allows its users to create a wide variety of financial markets, which have previously included Tesla stock futures. Injective Protocol has also stood out from the crowd with its seemingly endless stream of partnerships and blockchain integration announcements.

However, its INJ token is proving vulnerable to the wider bearish crypto market, sinking to lows of $1.13 in mid-July. However, a recent price boom is bolstering investor confidence and as of 11 August, the token is trading at $2.12.

Can the DeFi token sustain the recent rallies, and can we make an Injective protocol price prediction?

What is Injective Protocol (INJ)?

The goal of Injective Protocol is to combine centralised and decentralised features to create a unique DeFi platform. Injective Protocol allows users to create any financial market on its platform, this ranges from cryptocurrencies like bitcoin to stock futures including Tesla.

The platform uses a decentralised protocol but has taken the benefits of centralised exchanges, such as quick transactions and user-friendly interfaces. One of its key selling points is its interoperability. Over the past two years, Injective Protocol has worked hard on integrating with more blockchains. The platform also has the backing of prominent investors, including Mark Cuban and Binance.

INJ’s active 2021

Injective Protocol (INJ) started its journey at the $0.77 mark on 21 October 2020 and stayed around the $1 level for the first few months. The price action started to kick off for the cryptocurrency in January 2021, when it announced the first ever decentralised Tesla stock futures. By 19 January, INJ had climbed to $8.66, but its rally did not stop there.

The beginning of February 2021 saw Injective Protocol become the first derivatives exchange to integrate with the Huobi Eco Chain. Then, on 18 February, the platform announced it was integrating with the Avalanche blockchain. A day later, the price of INJ raced to a peak of $18.06.

INJ began to fall over the next month, but managed to stay above the $10 mark. It started rallying again on 21 April after it was adopted by the Klaytn blockchain. The cryptocurrency reached its all-time high of $25.01 on 30 April. This came after news that a total of $50m had been locked into trading, and Injective Protocol had reached unicorn status.

The platform could not live up to such a high valuation and plummeted over the coming months. It had dropped closer to the $7 mark by the end of May. It saw a slight spike at the beginning of June as it integrated with the NEAR protocol, but then fell to nearer $5 at the end of the month.

A significant partnership was revealed on 2 July between Injective Protocol and Lithium Finance. This allowed the team to bring out decentralised pre-IPO stock derivatives. In a tweet, it named Elon Musk’s SpaceX as an example. INJ temporarily climbed back to $7 shortly after this announcement, but soon fell to $5 again.

The protocol saw a more significant rally in August when it introduced its Stargazers Ambassador Program. This rewarded users for a range of factors, including creating educational content, running meet-ups, and increasing the community. INJ had raced above $10 at the end of the month.

It managed to keep the momentum up into September, after the protocol hired Brandon Ferrick, a Sullivan & Cromwell associate, as its first legal chief. At close on 6 September, three days after the announcement, INJ peaked at $15.50.

INJ’s bearish trend

It corrected back to around the $10 mark into October. The coin saw a temporary peak closing price of $13.60 on 20 October after Injective Protocol tweeted it had acquired a tungsten cube.

However, the token was struck with a bearish trend and had dropped below $10 by the beginning of December. It saw a slight surge late December, just before Huobi announced it was giving the protocol greater access to its community by allowing staking.

INJ continued falling in the new year along with the wider crypto market. It recently saw another spike, on 11 February 2022. This came as the team revealed it was working on integrating with the Juno blockchain. The team tweeted: “We have started to build the bridge to @JunoNetwork and will release the token on Injective Pro as soon as possible.” 

The token then fell as the crypto winter showed no signs of easing up, hitting lows of $1.13 on 13 July. The token saw some partial uptrends in the following weeks, roughly in line with broader crypto market activity.

However, the most impressive rally came after the following $40m fund was announced on Twitter:

As of 11 August, the token is trading at $2.12, up 15% in a recent 24-hour trading window. The protocol has a market cap of $138m and is the 138th largest crypto by that metric, according to data provided by CoinMarketCap.

Injective Protocol has shown there is a demand for a cross-chain DeFi platform that enables stock derivatives.

Its INJ token is now showing signs of recovery. Can it continue to gain?

Injective protocol price prediction

INJ price predictions from varying sources seem to be convinced that the DeFi platform has a strong future.

The INJ coin price prediction from Captain Altcoin estimates the cryptocurrency to be worth $4.60 in 2025. Its Injective protocol price prediction for 2030 thinks it will reach $11.49. The Captain Altcoin site is bold enough to make a 2040 prediction, estimating INJ to reach $22.98.

The forecast from DigitalCoinPrice is much less bullish, it thinks INJ will stay around the $2 to $3 mark, surpassing $4 in January 2024. The Injective protocol price prediction for 2025 is an average of $3.96, but $3.80 in 2026. The site then forecasts an uptrend to $9.80 in 2030, and $10.99 in 2031.

TechNewsLeader is perhaps the most bullish price prediction. It estimates INJ to reach $11.05 in 2022, $16.21 in 2023, $22.87 in 2024 and $34.88 in 2025, eventually surpassing the $150 mark in 2029, before reaching $230.23 in 2030.

Gov Capital’s Injective protocol price prediction for 2022 expects a tumultuous year ahead for the cryptocurrency, with it estimating INJ to fall below $1 in December, suggesting the token will be worth a negligible amount after one year.

Injective protocol has been in a rut for the past few months, with it struggling to see another breakout. But there is clear consensus from most price predictions that this may be a temporary bearish trend for INJ and it will continue seeing success in the near future.

FAQs

How many INJ are there?

At the time of writing, there are over 65 million INJ in circulation out of a total supply of 100 million.

Is Injective Protocol a good investment?

It might be. Injective Protocol has created a unique platform that allows anyone to create a decentralised derivative-based financial market. The platform and INJ token saw an exciting 2021 but it has also proven vulnerable to crypto market headwinds. Remember, you should always do your own research before investing.

Will INJ go up?

The INJ price predictions expect a generally bullish future for the cryptocurrency. TechNewsLeader forecasts INJ to eventually reach over $200 within the decade. DigitalCoinPrice does not think it will surpass $10 in the next five years. Meanwhile, Gov Capital expects the token to lose most of its value in the coming months. Remember, predictions are often wrong so you should never invest more than you can afford to lose.

Should I invest in Injective Protocol?

It depends. The DeFi platform market is becoming a crowded one and it is hard to stand out from the rest. However, Injective Protocol seems to have attracted investor’s attention with its unique offerings, like a Tesla stock futures. Investors should always do their own research before putting any money into cryptocurrencies.

Further reading

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