Injective price has been on the rise since mid-May, with traders closely monitoring its expanding ecosystem following recent developments. The INJ token has surged to $30, approaching its highest levels since April 12th. This marks a significant rebound of over 60% from its lowest point in April. Notably, Injective, the financial-focused blockchain network supported by Mark Cuban, has recently integrated PYUSD, the stablecoin introduced by PayPal.
In an announcement, the developers revealed that Injective has become the first layer-1 platform to incorporate the $400 million stablecoin. This integration allows for the seamless onboarding of the token from Ethereum and Solana onto Solana, thanks to Wormhole, a prominent bridging network in the blockchain sector.
On another front, Mito Finance, a forthcoming liquidity management platform on Injective, has introduced permissionless vaults. This launch enables users to establish their vaults on Mito and commence trading. Already, users have initiated trading pairs such as GME/INJ, ZIG/INJ, and NLT/INJ within the platform.
Despite these advancements, Injective’s ecosystem remains relatively smaller compared to its newer counterparts. As per DeFi Llama, the network comprises 17 DeFi applications with a total value locked (TVL) exceeding $159 million. Key players within the platform include Hydro Protocol, Dojoswap, Helix, and Neptune Finance.
In contrast, the recently launched Blast network boasts assets surpassing $2.07 billion, while Base and Merlin hold assets of $1.68 billion and $1.17 billion, respectively. Helix, the leading DEX within the platform, has experienced notable success, handling transactions exceeding $101 million over the past 12 hours, positioning it as the 16th largest player in the industry.
One potential driver that could propel Helix’s market share is the ongoing launch and popularity of meme coins. Notably, Solana meme coins like Bonk and Dogwifhat have contributed to the success of Raydium, Orca, and Jupiter, positioning them as top-5 DEX networks.
Looking ahead to the Injective price forecast, the INJ token hit a low of $18.66 in April before rebounding to over $30. It has surpassed the crucial resistance level at $30, marking its highest point between April and May and the lowest level in January. The bullish crossover of the 25-day and 50-day moving averages, along with the ascending channel on the Relative Strength Index (RSI), indicate a positive outlook for the token. The next key level to monitor is at $45, its peak on January 9th, suggesting a potential 46% upside from the current level.