Market Slip Drags Injective Down 16% Despite Ongoing Developments

Christian Encila

Last Updated: August 30, 2024 11:51 am

4 mins read

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With the market resuming its bearishness today, August 30th, Injective continues to slip and slide. According to CoinGecko, INJ took a nose dive by 16% which slashed any hopes of a short-term recovery.

Although the token’s performance leaves much to be desired, developments on-chain continue to unfold, cementing Injective’s position within the community. Several developments hold the bay against the bears, but the question of when will INJ and the market recover remains.

Injective Announces Release Of Web-Based IDE: Remix Web

In a recent X post, Injective announced the release of the Remix Web IDE, an IDE that is entirely web-based providing developers the flexibility needed to develop powerful on-chain applications. To access the tool, simply visit the website and start building.

1/3 Exciting news! 🎉

Announcing the launch of the Remix Web IDE plugin for Injective. This web-based IDE is a gamechanger for the ecosystem, enabling developers to write, test, and deploy smart contracts right from their browser.https://t.co/t7NWnhtelc

— Injective 🥷 (@injective) August 26, 2024

This revolutionary take on development lowers the bar in building within the Injective ecosystem and provides an example for other networks to follow. According to the blog, the web plugin also has code templates, providing newbies on the platform to create and deploy applications and smart contracts seamlessly.

According to Shayan, the Developer Relations Manager at Injective Labs, one of the biggest struggles of developers is properly installing software dedicated to coding.

As a developer, one of the most frustrating things is having to properly download software before being able to even write a single line of code.

That’s why the new Remix IDE plugin is such a huge breakthrough. No more headaches dealing with making sure you have the latest… https://t.co/Xzb05mX7hb

— Shayan (@0xShayan) August 27, 2024

“That’s why the new Remix IDE plugin is such a huge breakthrough. No more headaches dealing with making sure you have the latest versions of Rust or Go installed, whether you’ve selected the ARM or x86 binaries, etc,” said Shayan in his recent X post.

The flexibility afforded by this recent addition to the platform means a new era of development for Injective with both new and experienced developers building on-chain apps and smart contracts on the platform.

Injective market cap currently at $1.7 billion. Chart: TradingView

Helios-Injective Collabathon To Set New Heights On Web3 Finance

Another development that piqued the interest of both investors and developers is Injective’s partnership with Helios, a Staking-as-a-Service provider, that is already a part of the former’s network as a validator.

According to Helios’s blog post, the “Collabathon” will feature seasoned developers on both sides with a single goal of solving cross-chain identity verification, a challenge which, according to Helios, “will empower projects to confirm singular wallet ownership across multiple chains, enhancing interoperability and user experience.”

The 10-day Collabathon will occur next week, September 2nd.

INJ Revisits $18.02 For Upside Potential

As of this writing, INJ’s trajectory puts it just below $18.02. This revisit of a crucial price ceiling might trigger a rally soon. However, this possibility is hinged on the market’s uncertain movement, which currently screams hawkish.

With this in mind, INJ does have the potential to regain ground in the medium term given that the market flips bullish in the same timeframe. The token’s relative strength index indicates low volatility in the market as both bulls and bears gather momentum for a breakthrough.

In the long term, INJ bulls can target $23.37 to regain lost momentum. However, investors and traders should still exercise caution as the broader market may swing downward depending on the overall sentiment.

Featured image from Pexels, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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