Injective Protocol (INJ) TVL 飆升 61.2%，但價格因零售出售而受到影響

Injective Protocol (INJ) 因過去一周鎖定總價值 (TVL) 飆升 61.2% 而成為頭條新聞，這是區塊鏈生態系統的一個重要里程碑。

Injective Protocol (INJ) has experienced a remarkable 61.2% surge in Total Value Locked (TVL) over the past week, a significant achievement that highlights the growing trust in the blockchain's infrastructure and potential for expanded utility. However, this triumph is being overshadowed by ongoing retail sell-offs, which have kept INJ’s price under pressure despite its recent growth.

過去一周，Injective Protocol (INJ) 的總鎖定價值 (TVL) 大幅飆升 61.2%，這一重大成就凸顯了人們對區塊鏈基礎設施日益增長的信任以及擴展實用性的潛力。然而，這場勝利卻被持續的零售拋售所掩蓋，這使得 INJ 的價格儘管最近有所增長，但仍承受壓力。

Rising TVL Reflects Ecosystem Confidence

TVL 的上升反映了生態系統的信心

Injective’s TVL has soared to $2.52 billion, according to data from Chainbroker. For those unfamiliar, TVL measures the total value of assets staked, lent, or provided as liquidity within a DeFi ecosystem, often serving as a key indicator of blockchain performance.

根據 Chainbroker 的數據，Injective 的 TVL 已飆升至 25.2 億美元。對於不熟悉的人來說，TVL 衡量 DeFi 生態系統中質押、借出或作為流動性提供的資產的總價值，通常作為區塊鏈性能的關鍵指標。

Such a rapid increase in TVL suggests growing trust in Injective’s infrastructure and potential for expanded utility. However, this optimistic outlook isn’t translating into price gains for INJ.

TVL 的如此快速成長表明人們對 Injective 基礎設施和擴大效用潛力的信任不斷增強。然而，這種樂觀的前景並沒有轉化為 INJ 的價格上漲。

Over the past month, INJ has recorded a 9.33% increase, but in the last seven days, the token’s value has fallen by 5.06%, with an additional daily dip of 1.6%. These declines suggest that growing confidence in the protocol is being overshadowed by bearish sentiment among retail investors.

過去一個月，INJ 上漲了 9.33%，但在過去 7 天裡，該代幣的價值下跌了 5.06%，每日下跌 1.6%。這些下降表明，散戶的看跌情緒掩蓋了對該協議日益增長的信心。

Retail Traders Drive Bearish Sentiment

零售貿易商推動看跌情緒

Retail investors appear to be driving much of the selling pressure, as reflected by key on-chain metrics. For instance, the average transaction size for INJ has remained relatively small, indicating a high volume of transactions from smaller investors.

正如關鍵的鏈上指標所反映的那樣，散戶似乎推動了大部分拋售壓力。例如，INJ 的平均交易規模仍然相對較小，這表明較小投資者的交易量很大。

Furthermore, the number of active addresses engaging in INJ transactions has also remained within a lower range, suggesting that the token is being traded primarily by a limited pool of retail traders.

此外，參與 INJ 交易的活躍地址數量也保持在較低範圍內，這表明該代幣主要由有限的零售交易者進行交易。

These trends reflect cautious behavior among retail investors, whose selling activity continues to weigh on INJ’s price trajectory.

這些趨勢反映了散戶投資者的謹慎行為，他們的拋售活動繼續影響 INJ 的價格軌跡。

Whale Activity Remains Muted

鯨魚活動依然平靜

While retail traders are actively influencing INJ’s market movement, large investors—or whales—have taken a backseat.

雖然散戶交易者正在積極影響 INJ 的市場趨勢，但大型投資者（或鯨魚）卻退居次席。

Typically, whale behavior can significantly impact a token’s price. A surge in whale transactions paired with falling prices often indicates bearish sentiment, while increased activity alongside rising prices signals bullish momentum. The current inactivity leaves market watchers in suspense about INJ’s next move.

通常，鯨魚行為會顯著影響代幣的價格。鯨魚交易量的激增與價格下跌往往表示看跌情緒，而活動增加與價格上漲則表示看漲勢頭。目前的不活躍狀態讓市場觀察家對 INJ 的下一步充滿懸念。

Challenges Ahead for INJ

INJ 面臨的挑戰

Despite the promising growth in TVL, Injective faces multiple challenges:

儘管 TVL 成長前景廣闊，但 Injective 仍面臨多重挑戰：

1. Retail Sell-Offs: The ongoing retail sell-offs are putting a damper on INJ’s price, despite the protocol's recent achievements. Countering this selling pressure and engaging retail traders will be crucial for a potential price recovery.

1. 零售拋售：儘管該協議最近取得了成就，但持續的零售拋售正在抑制 INJ 的價格。應對這種拋售壓力並吸引零售交易商對於潛在的價格復甦至關重要。

2. Lack of Whale Participation: While large investors, or whales, can significantly influence a token's price, their minimal participation in INJ's market could be hindering its price performance.

2. 缺乏鯨魚參與：雖然大型投資者或鯨魚可以顯著影響代幣的價格，但他們對 INJ 市場的最小參與可能會阻礙其價格表現。

3. Market Sensitivity: Injective's price has shown sensitivity to broader market trends, which could amplify any downturns and limit the protocol's price growth potential.

3. 市場敏感性：Injective 的價格對更廣泛的市場趨勢表現出敏感性，這可能會加劇任何低迷並限制該協議的價格成長潛力。

4. Competition in DeFi Space: The DeFi landscape is highly competitive, with numerous protocols offering a range of services. Injective must continue to innovate and differentiate itself to maintain its appeal and attract users.

4. DeFi 領域的競爭：DeFi 領域的競爭非常激烈，有許多協定提供一系列服務。 Injective 必須不斷創新並實現差異化，以保持其吸引力並吸引用戶。

Can TVL Growth Reverse the Trend?

TVL 成長能否扭轉這一趨勢？

The 61.2% increase in Injective’s TVL is a testament to the protocol’s growing appeal within the DeFi space. However, without stronger market participation and a shift in retail sentiment, the surge in TVL may not be enough to offset the downward pressure on INJ’s price.

Injective 的 TVL 成長了 61.2%，證明了該協議在 DeFi 領域的吸引力與日俱增。然而，如果沒有更強勁的市場參與和零售情緒的轉變，TVL 的飆升可能不足以抵消 INJ 價格的下行壓力。

For a potential turnaround, the market will need a combination of increased whale activity, improved engagement among retail traders, and sustained confidence in Injective’s long-term utility. Until then, the protocol’s price trajectory remains uncertain, despite its impressive ecosystem growth.

為了實現潛在的轉變，市場需要增加鯨魚活動、提高零售交易者的參與度以及對 Injective 長期效用的持續信心。在此之前，儘管該協議的生態系統成長令人印象深刻，但其價格軌跡仍不確定。