Will INJ’s Bullish Action Continue Amidst Development Activity?

The Injective blockchain’s INJ token has been capturing broader recognition, as the platform continues to create waves in the crypto space with its development activities. The latest of the series of events is the launch of inEVM, the first-ever Ethereum Virtual Machine facilitating interoperability with Cosmos and Solana.

Bob Injective, a popular figure in the Injective ecosystem recently took to X (formerly Twitter) to share insights on the current state of the INJ token amidst the development activities. As per their analysis, Injective has emerged as “one of the best gainers within the last two weeks”, in light of the substantial spike in the token’s price. INJ currently stands at a value of $7.18, with a slight 0.66% increase in one day. Nonetheless, it is noteworthy that the token is currently residing at a price representing a 16% premium from its lowest price in one month and a 500% premium from its lowest price in 2023.

This makes it one of the best gainers within the last two weeks. In fact, it is one of the best performers in 2023 so far considering that its press time price represented a 500% premium from its lowest price this year.

— Bob Injective 🇩🇰🥷 (@multibaks) September 22, 2023

On September 19, Injective announced the launch of inEVM, in collaboration with the layer 2 rollup infrastructure platform, Caldera. The development intends to expand Injective’s dApps composibility on Cosmos and Solana, unlocking a new level of interoperability for Ethereum developers.

The Injective enthusiast commented on inEVM’s little influence on investor sentiment, despite the common belief that “healthy development activity often attracts more confidence among investors”. Adding to the point, Bob Injective stated that the weighted sentiment metric was resting at its lowest level over the past four weeks.

However, following the announcement of the inEVM launch, the platform’s social dominance metric exhibited an appreciable surge. Though the uptick was momentary, it could be counted against the unmoved lower levels of investor sentiment. Another major metric to consider is the Money Flow Index which suggests Injective’s demand slowdown, pointing out the possibility of limiting the current bullish track.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source