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Injective price has more upside as developer commits rise: analyst

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Injective (INJ) price has risen for six consecutive days, its longest winning streak of 2024. It rose by over 12% on Wednesday, making it the best-performing top 50 cryptocurrency. 

INJ rally started on July 5th after it tumbled to $16.93 as Bitcoin and other altcoins dropped sharply. It has risen by over 54% from its lowest point this month as the sentiment in the industry improved.

Bitcoin has retested the crucial resistance at $65,000 while the crypto fear and greed index has moved from the fear zone of 38 to 58. 

Injective’s developer activity is rising

Another potential catalyst for Injective has been the increase in developer activity in the ecosystem. Data shows that the average number of weekly commits has risen to over 700 in the last seven weeks straight. Before that, Injective was averaging less than 200 weekly commits, meaning that the network is growing.

The number of developer commits is an important metric in a blockchain because it is a measure of its activity, project health, and community engagement. It is also a measure of a blockchain’s security.

Injective’s token has also rallied as the derivatives volume bounced back. As shown below, the daily volume in the derivatives market rose to over $109 million on Tuesday, up from $98 million on Monday. More activity in the derivatives market is usually a positive sign.

Injective derivatives volume
Injective derivatives volume

Analysts are bullish on Injective price

Meanwhile, Helix, its biggest DEX network is seeing more activity. Data by CMC shows that the network handled cryptocurrencies worth over $114 million on Wednesday, making it the 32nd biggest DEX in the industry. 

Injective, which is backed by Mark Cuban and Pantera, has also done well as its staking market cap jumped to over $1.53 billion. Investors are generating an annual yield of 20%, one of the highest in the industry. 

However, a key concern among INJ investors is its valuation. Injective has a market cap of over $2.4 billion and a DeFi TVL of less than $50 million. It only has 17 DeFi dApps in its ecosystem, a small number for a blockchain that targets the financial services industry.

Some crypto traders are optimistic that the Injective price can continue its recovery, with its initial level to watch being at $33, its highest swing in June. Another analyst who I wrote about recently estimates that the INJ token will rise to $100.





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Blockchain

Eclipse launches public mainnet of first SVM L2 on Ethereum

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Eclipse Foundation announced on Nov. 7 that Eclipse, a Solana Virtual Machine-powered layer-2 on Ethereum, had launched its public mainnet.

The milestone is a key step in Eclipse’s quest to bring the best of both Ethereum (ETH) and Solana (SOL) to users, Eclipse Foundation said in a press release.

Vijay Chetty, CEO of Eclipse, noted that bridging these leading networks for decentralized applications and finance could drive a new wave of ecosystem development. Key areas likely to see growth from increased dApp activity include DeFi, consumer applications, and gaming.

“Eclipse is uniquely positioned as the first solution to bridge the gap between Solana and Ethereum, offering a powerful platform that caters to both communities. Our goal is to empower developers from both ecosystems to build and scale their dApps like never before, unlocking new opportunities across the largest networks in the industry.”

Vijay Chetty.

Eclipse’s launch of the layer-2 public mainnet follows its developer-focused mainnet release in October. Since then, the platform has expanded its ecosystem by integrating projects such as Orca, Nucleus, and Save.

Developers on Eclipse can utilize Solana’s parallel execution capabilities and Ethereum’s liquidity and security, alongside access to Ethereum’s vast user community and asset base. Eclipse’s architecture enables developers to leverage the Solana Virtual Machine for scaling and enhanced user experiences.

As a result, Eclipse aims to eliminate the previous fragmentation that required developers to choose between the two ecosystems.



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cryptocurrency

TRUMP, MAGA, and other Trump-themed tokens crash after election day

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Donald Trump-themed meme coins TRUMP, MAGA, TREMP, and STRUMP have tanked, with their total market capitalization down over 21% on the day, after Trump secured a victory in the U.S. election.

MAGA (TRUMP), the largest Trump-themed meme coin in terms of market cap fell 50.7% over the past 24 hours, exchanging hands at $1.71 when writing. The altcoin’s market cap fell from $212 million seen on Nov. 6 to $79 million when writing.

MAGA Hat (MAGA) a meme token inspired by Trump’s iconic red hat worn during his political campaigns also collapsed by 51% with its market cap falling to $39 million. 

Dark MAGA (DMAGA) which saw the highest gains on Nov. 5, climbing from $0.008 to $0.0018 overnight. The meme coin has since plunged by 62% from its pre-election level and was trading at $0.0045, wiping out over $13.5 million from its market cap. Similarly, Super Trump (STRUMP) also faced a sharp drop of 54.9%, with its market cap shedding $11 million.

Other popular meme coins that previously capitalized on Trump’s presidential victory but have crashed at press time, include Doland Tremp (TREMP), TRUMPCOIN, TRUMP 47 (47), and Pepe Trump (PTRUMP) which suffered losses between 50-65%.

Traders seemed to have sold the news, a familiar trend for meme coins, which often experience sharp sell-offs after hype peaks—just as with Dogecoin (DOGE), the industry’s first and largest meme coin.

Dogecoin’s meteoric rise leading up to Elon Musk’s Saturday Night Live appearance in May 2021 became a classic case of traders selling the news. DOGE rallied to an all-time high of $0.73 ahead of the May 8 airing date as Musk, an avid Dogecoin supporter, teased his role on SNL. 

However, the hype fizzled quickly during and after the broadcast, as traders rushed to offload their holdings with the price of DOGE dropping over 30% within hours. At current prices, the token remains 74% below its all-time high.

This pattern also seems evident in PolitiFi tokens, which are often referred to as “event coins,” as they move in tandem with political developments. However, the downturn comes despite Trump’s victory, which could mean the hype around this meme coin subset is waning.

A likely scenario is that a lot of the liquidity from these PolitiFi tokens is flowing into Bitcoin (BTC) and other altcoins as the flagship crypto has been printing new highs over the past day fueling hopes that the bull market is starting.

Prominent altcoins like Ethena (ENA) and Raydium (RAY) have posted double-digit gains, while the overall meme coin market is up over 13%, suggesting that PolitiFi tokens are facing an isolated sell-off now that the elections are over.



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cryptocurrency

Immutable receives SEC Wells notice over 2021 IMX token sales

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United States Securities and Exchange has targeted blockchain gaming platform Immutable potentially targeting its listing and private sales of the IMX token in 2021.

According to a Nov. 1 statement from Immutable, the SEC issued an “accelerated” Wells notice following an initial interaction where the SEC informed the company that a Wells notice would be sent “within the week,” but delivered it “within hours” instead.

Immutable highlighted the vague nature of the notice, stating that it “simply cited statutory provisions” with “fewer than 20 words of material explanation” and offered little meaningful detail about the investigation’s focus. The company believes the agency’s claims could be targeting the “listing and private sales” of its native IMX token in 2021.

Shortly after issuing the notice, the SEC reportedly engaged in a phone call with the firm, raising concerns over a 2021 blog post in which Immutable detailed Huobi Ventures’ early investment in IMX at a pre-launch price of $0.10 issued at a “$10 pre-100:1 split”, stating that there had been no “exchange of value” in the deal.

Immutable disputes this claim, arguing that the investment was, in fact, legitimate and backed by “real consideration.” 

The firm added it is “confident in its position” regarding the classification of the IMX token, pushing back against what it described as the SEC “indiscriminately claiming that tokens across the industry are securities.” 

Immutable called for a “robust conversation to clarify facts” and expressed its willingness to challenge the SEC’s enforcement approach if necessary.

Reacting to the news, Immutable co-founder Robbie Ferguson reiterated the company’s position to “defend digital ownership in gaming” by joining contemporaries like Robinhood and OpenSea in defending against the SEC’s claims.

While a Wells notice does not guarantee that formal action will be taken, the development came as a blow to Immutable’s IMX token which was down more than 14% at press time.

The SEC, led by Chair Gary Gensler, has consistently gone after crypto firms for allegedly skirting securities laws. This has also sparked pushback from U.S. policymakers, who say Gensler is creating confusion in the digital asset space by introducing terms like “crypto asset security.”

Yet the regulator remains unfazed, recently issuing a Wells notice to Crypto.com. In response, Crypto.com filed a lawsuit challenging the commission.





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