Injective (INJ) is making waves in the blockchain world, poised for significant growth as it collaborates with industry experts and integrates innovative technologies. This week, Injective announced that Synesis One, a leading decentralized AI training network, is joining its ecosystem. This partnership marks a pivotal moment for Injective, enhancing its capabilities and expanding its reach. With the entire INJ supply now in circulation and development activity on the rise, the platform is experiencing a surge in daily transactions, reflecting robust network growth. As INJ's price structure shows promising signs, could this be the beginning of a 100% gain for the token? Let's dive deeper into the factors driving Injective's potential.
Synesis One Expands to Injective Ecosystem
Injective recently highlighted on X (formerly Twitter) that Synesis One, one of the largest decentralized AI training networks, is expanding to their ecosystem. Initially available only on Solana, Synesis One will bring its novel training data sets, crowdsourcing platform, and more into Injective's ecosystem.
"Synesis One, one of the largest decentralized AI training networks, is expanding to Injective! Synesis One, initially available only on @solana, will be bringing its novel training data sets, crowdsourcing platform and more into Injective's ecosystem." - Injective (@injective), June 27, 2024
This collaboration is expected to significantly enhance Injective's capabilities, particularly in the realm of decentralized finance (DeFi) and Web3 applications. By integrating Synesis One's advanced AI training data sets, Injective aims to provide more robust and efficient solutions for its users.
Proper Supply Distribution Enhanced Growth and Community Engagement
According to a tweet from Injective’s official handle, INJ’s latest paper provides an in-depth look at the genesis distribution and vesting schedule. In 2020, 100 million INJ tokens were allocated across various categories to ensure balanced growth and community engagement.
"Curious about the distribution and circulating supply of $INJ? The latest paper on INJ tokenomics provides an in-depth look at the genesis distribution and vesting schedule that underpin Injective’s economic model." - Injective (@injective), June 26, 2024
By 2024, the entire supply of INJ was in circulation, marking a significant milestone for Injective. This proper supply distribution has played a crucial role in enhancing growth and community engagement, setting a solid foundation for future developments.
Development Activity on the Rise
Development activity is a key indicator of blockchain adoption, and Injective is no exception. According to Mirza, a business personality of Injective, the best way to assess any blockchain adoption is to check their development activity.
"Development activity is arguably one of the best ways to assess the adoption of a blockchain. Injective's on-chain dev activity is rapidly rising with builders exploring a diverse array of use cases spanning Web3 finance. This includes fully on-chain trading, lending, real world…" - Mirza (@TheMirza_), June 24, 2024
In the forthcoming months, Injective plans to introduce new developer toolkits, on-ramps, and environments to make Injective the easiest place to build in the entire industry. This commitment to enhancing the developer experience is expected to drive further innovation and adoption.
Significant Growth in Daily Transactions
According to Hokage’s tweet, INJ daily transactions over the past year have grown significantly from under 1 million to nearly 3 million, representing a 300% network growth in the Injective ecosystem.
".@injective's daily transactions over the past one year. If you could visualize growth, this would be it. $INJ" - Hokage (@Zion_C_), June 27, 2024
This substantial increase in daily transactions is a clear indicator of the growing popularity and usage of the Injective platform. As more users and developers flock to the ecosystem, the network's health and robustness continue to improve.
INJ Price Structure: A Promising Outlook
The Injective Protocol has shown a promising price structure. After testing the $45 resistance multiple times, it surpassed and reached $52.50 by mid-March 2024, generating 650% gains from the major demand zone at $7.5. However, the price deteriorated and established a lower low by mid-April, retesting the $20 support level.
This week, the price jumped 11.23% from the $20 critical support. Despite the 50% drop from the peak, INJ ranked 42nd on CoinMarketCap with a considerable trading volume of over $100 million. At press time, INJ was trading at $23.05 with an intraday loss of 0.65%. The market is primed for a rise in the coming sessions from the critical support. The near-term targets would be around $31 and $34, respectively.
However, failing to sustain above $20 could open the back door, and the pressure from bears could lead to lower supports at $15 and $12, respectively. The indicators are bullish, as MACD formed a bullish cross, and RSI was at 46.88.
Summary
Injective blockchain collaborates with industry experts and adds Synesis One to the ecosystem. Development activity is increasing, and the community manager notes significant growth in daily transactions. The injective ecosystem experiences a 300% network growth with nearly 3 million daily transactions. INJ surpassed the $45 resistance mark to reach $52.50 in mid-March 2024, generating 650% gains. At press time, the token price was $23.05, with indicators suggesting a potential rise to $31 and $34.
Conclusion
Injective (INJ) is on a promising trajectory, driven by strategic collaborations, robust development activity, and significant network growth. The integration of Synesis One into the Injective ecosystem is a testament to the platform's commitment to innovation and expansion. With the entire INJ supply now in circulation and daily transactions on the rise, Injective is well-positioned for substantial growth. As the price structure shows potential for further gains, investors and enthusiasts alike are keeping a close eye on INJ's performance. Could this be the beginning of a 100% gain for Injective? Only time will tell, but the signs are certainly promising.
Disclaimer
In this article, the views and opinions stated by the author or any people named are for informational purposes only, and they don’t establish investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
