INJ’s price is down 70% from March’s highs, , which could extend injective protocol losses. Meanwhile, investors are aping the Crypto All-Stars presale.
The series of lower lows over the past six months have been discouraging, especially for traders who hoped for prices to rip even higher in H2 2024.
True, Bitcoin, Injective, Ethereum, and Solana prices soared to fresh 2024 highs early this year.
However, looking at current events, it is clear that bears are in the driving seat.
Injective Protocol Under Pressure, INJ Price Sheds -70%
What’s more? Some altcoins, including even the ever-promising Injective Protocol, are facing headwinds.
It is so much that INJ is down a massive 70% from March 2024 highs.
A quick glance at price action in the daily chart shows that INJ is within a descending channel and struggling for upside momentum.
(INJUSDT)
Sellers are tightly in charge, which will continue unless there is a miracle.
The bleeding will be plugged should INJ find the refreshing support at $15. If bulls build on this base, breaking above the descending channel and soaring above $23, INJ upside momentum will be recharged.
Before then, holders should expect the worst.
After all, Coingecko reveals that INJ is among the top performers of the last bull cycle.
(Source)
In summary, INJ is up 23X from all-time lows registered in early November 2020.
For this reason, the cool-off is not unusual, presenting opportunities for DeFi permabulls (where the Injective Protocol plays a crucial role).
INJ’s performance will largely depend on how top altcoins print out in the short term.
If Bitcoin, Ethereum, and even ATOM prices continue to dip, it would harm DeFi, directly forcing participants to the sidelines.
Subsequently, INJ will remain under pressure, considering its role as a utility token in the growing Injective Protocol ecosystem.
Contracting crypto and INJ prices are having a negative bearing on engagement, gauged through trading volume and the total value locked (TVL).
DeFiLlama data shows that Injective managed over $42 million as TVL in late August.
(Source)
It is still more than 2X from early January, which was around $18 million, but nearly half of what was registered in early April 2024.
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Crypto All-Stars: A Shining Meme Coin, Nearly $1 Million Raised
As the market cools off and INJ peels back gains, smart investors are actively searching for alternatives, shielding themselves from the bearish market.
A shining choice in the meme coin scene is Crypto All-Stars.
The meme coin project is rapidly gaining traction thanks to its innovative staking tool, MemeVault.
Meme coin holders who want to earn passive income while expecting capital gains can stake via the MemeVault, receiving rewards in STARS, the native token.
What’s more?
The same STARS can be staked again for an impressive 1,493% APY–the highest so far.
Those who stake early receive higher APYs. The more STARS are staked, the lower the yield will drop.
Presently, the Crypto All-Stars presale has raised almost $1 million after launching in less than four weeks.
Each token is trading for $0.0014191.
Once the presale ends, STARS will be listed on a top DEX.
Later, the MemeVault platform will launch.
This highly anticipated release, analysts claim, makes STARS a far better alternative than other meme coins, including PEPE and SHIB.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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