- Injective Protocol recently activated the much-waited Volan upgrade.
- Dojoswap, a new DEX in its ecosystem is gaining market share in the industry.
- Injective’s .inj domains have grown sharply in the past few days.
Injective (INJ) price bounced back on Tuesday morning as investors cheered the recent Volan upgrade that introduced more features in the ecosystem. The INJ token was trading at $42 as it neared its all-time high of $45. This surge has given the token a total market cap of more than $3.4 billion, making it one of the biggest players in the industry.
Volan upgrade and Dojoswap growth
Injective was one of the biggest surprises in the crypto industry in 2023 as it outperformed most coins, including Bitcoin, Ethereum, and Ripple. It jumped by over 3,600% from its lowest level in January to its highest point in December.
This rally was surprising because Injective was relatively unknown before 2023 and its ecosystem was a bit tiny. Even now, Injective’s ecosystem is a bit small, with its DeFi ecosystem having a total value locked (TVL) of over $49 million.
The biggest player in Injective is Dojoswap, a decentralized exchange (DEX) with over $26.9 million. This TVL has jumped by over 550% in the past 7 days. It is followed by Helix, also a DEX that has over $10.95 billion in its ecosystem.
The other big parts of the Injective ecosystem are Black Panther, Stride, and Astroport. These networks are important because Injective was created to provide blockchain networks to developers in the financial services industry.
The most important Injective news was the launch of the Volan upgrade, which introduced new features in the ecosystem. It introduced the first ever Real World Asset (RWA) module in the ecosystem. RWA is seen as being one of the biggest themes in the financial services industry and is being used by companies like Brevan Howard, Cumberland, and JPMorgan.
Further, the Volan upgrade introduced other features like an enhanced Inter-Blockchain Communication (IBC) protocol, enhanced scalability, a new exotic oracle feed design, and token burn enhancements. The latter feature makes it simple to burn any bank token generated on the ecosystem.
Injective also jumped as the demand for its domain extension rose. The number of .inj registrations with Space ID jumped to over 14,700 with unique holders nearing 10,000. These holders have done over 412 million on-chain transactions. These extensions are an important part of the ecosystem, as I wrote recently about Ethereum Name Service (ENS) growth.
Injective price forecast
The daily chart shows that the INJ token price has moved sideways in the past few weeks. After peaking at $45 last week, it pulled back to $35. It now remains above the 50-day and 100-day Exponential Moving Averages (EMA). it has also moved much higher than the key support at $29.30, the lowest point on January 3rd.
The Relative Strength Index (RSI has moved slightly upwards and is nearing 60. Therefore, the outlook for Injective is moderately bullish as buyers target the key target at $44.93. A move above this price will see it jump to the next psychological level of $50.
