The Injective ecosystem is booming, with RWA trading hitting a record high. According to Injective’s latest update, RWA perpetuals on the platform have surpassed $1.1 billion in year-to-date trading volume.
Over the past month, the platform generated over $230 million in trading volume.
What’s driving growth in Injective RWA perpetuals?
The Injective ecosystem has continued to grow, driven by its extensive reach across major markets. RWA activity is not limited to a single market.
As such, equities, forex, commodities, indices, and pre-IPO assets have become central to on-chain trading. Pre-IPO markets such as SpaceX recorded $6.6 million, while Robinhood reached $5.2 million.
In addition, Injective now hosts 135 on-chain RWA perpetual markets. The growing number of markets on Injective indicates a broader shift toward active trading.
The platform’s market growth has been supported by major institutions, including Pentiv, which tokenized its $10 billion mortgage portfolio, as well as ongoing collaborations with other entities such as Nomura and POSCO.
What has turned out to be even more interesting for Injective is the continued development of infrastructure that enables individuals to actively trade.
What about INJ?
Despite the reported growth in Injective’s RWA markets, INJ has shown relative weakness on the charts.
The altcoin’s rally to $9.4 after Injective officials visited the White House proved short-lived, as the altcoin crashed. For that reason, INJ plunged to a low of $8.3.
The altcoin has shown relative weakness driven by increased sell-side activity. On the 17th of October, the Spot sell volume rose to 1.45 million, compared to 1.4 million in buy volume.
On October 18th, the same trend continued, with the sell volume rising to 416k. As a result, the Spot market also saw a negative delta of -4.39K, suggesting aggressive Spot selling.
On the derivatives side, the behavior was no different. The altcoin’s Open Interest fell from $205 million to $182 million, marking an 11% drop.
Such a drop in OI indicated that a significant number of traders closed their trades. With both Spot and derivatives activity weakening, selling pressure could continue to weigh on INJ.
Can the momentum hold?
Although the market is experiencing strong sell-side activity, technical indicators suggest that Injective’s momentum may hold.
A look at the MACD shows that the indicator formed a bullish crossover three days ago and has maintained an upward trajectory. The rising MACD, despite the price drop, suggested a weak bearish momentum, and the price could rebound.
At the same time, the Aroon Oscillator has held above 50, further supporting the strength of the upward trend.
These two indicators suggest that the drop could be short-lived, with a potential rebound. Therefore, if ecosystem expansion boosts demand, we could see a rebound, reclaiming $9 and targeting a move above $9.4.
However, if profit-taking continues and derivatives traders keep exiting their positions, the decline could extend toward $7.5.
Final Summary
- Injective’s RWA perpetuals have surpassed $1.1 billion in year-to-date trading volume, with 30-day volume reaching $230 million.
- INJ faced a rejection from $9.4 and plunged to a low of $8.3, driven by intense selling pressure.