Market Slip Drags Injective Down 16% Despite Ongoing Developments
August 30 2024 - 6:00AM
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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. Related Reading: Crypto Crash: $320 Million Wiped Out As
Bitcoin And Ethereum Nosedive 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.
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. Related
Reading: XRP Gains Ground: 20% Of Institutional Investors Embrace
The Crypto 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
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