Injective Protocol (INJ) TVL 飙升 61.2%，但价格因零售抛售而受到影响

Injective Protocol (INJ) 因过去一周锁定总价值 (TVL) 飙升 61.2% 而成为头条新闻，这是区块链生态系统的一个重要里程碑。

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.

过去一周，Injective Protocol (INJ) 的总锁定价值 (TVL) 大幅飙升 61.2%，这一重大成就凸显了人们对区块链基础设施日益增长的信任以及扩展实用性的潜力。然而，这一胜利被持续的零售抛售所掩盖，尽管 INJ 的价格最近有所增长，但仍使其价格承受压力。

Rising TVL Reflects Ecosystem Confidence

TVL 的上升反映了生态系统的信心

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.

根据 Chainbroker 的数据，Injective 的 TVL 已飙升至 25.2 亿美元。对于那些不熟悉的人来说，TVL 衡量 DeFi 生态系统中质押、借出或作为流动性提供的资产的总价值，通常作为区块链性能的关键指标。

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 的如此快速增长表明人们对 Injective 基础设施和扩大效用潜力的信任不断增强。然而，这种乐观的前景并没有转化为 INJ 的价格上涨。

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.

过去一个月，INJ 上涨了 9.33%，但在过去 7 天里，该代币的价值下跌了 5.06%，每日下跌 1.6%。这些下降表明，散户投资者的看跌情绪掩盖了对该协议日益增长的信心。

Retail Traders Drive Bearish Sentiment

零售贸易商推动看跌情绪

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.

正如关键的​​链上指标所反映的那样，散户投资者似乎推动了大部分抛售压力。例如，INJ 的平均交易规模仍然相对较小，这表明较小投资者的交易量很大。

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，参与 INJ 交易的活跃地址数量也保持在较低范围内，这表明该代币主要由有限的零售交易者进行交易。

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

这些趋势反映了散户投资者的谨慎行为，他们的抛售活动继续影响 INJ 的价格轨迹。

Whale Activity Remains Muted

鲸鱼活动依然平静

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

虽然散户交易者正在积极影响 INJ 的市场走势，但大型投资者（或鲸鱼）却退居次席。

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，鲸鱼行为会显着影响代币的价格。鲸鱼交易量的激增与价格下跌往往表明看跌情绪，而活动增加与价格上涨则表明看涨势头。目前的不活跃状态让市场观察人士对 INJ 的下一步行动充满悬念。

Challenges Ahead for INJ

INJ 面临的挑战

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

尽管 TVL 增长前景广阔，但 Injective 仍面临多重挑战：

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. 零售抛售：尽管该协议最近取得了成就，但持续的零售抛售正在抑制 INJ 的价格。应对这种抛售压力并吸引零售交易商对于潜在的价格复苏至关重要。

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. 缺乏鲸鱼参与：虽然大型投资者或鲸鱼可以显着影响代币的价格，但他们对 INJ 市场的最小参与可能会阻碍其价格表现。

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. 市场敏感性：Injective 的价格对更广泛的市场趋势表现出敏感性，这可能会加剧任何低迷并限制该协议的价格增长潜力。

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 领域的竞争：DeFi 领域的竞争非常激烈，有众多协议提供一系列服务。 Injective 必须不断创新并实现差异化，以保持其吸引力并吸引用户。

Can TVL Growth Reverse the Trend?

TVL 增长能否扭转这一趋势？

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 增长了 61.2%，证明了该协议在 DeFi 领域的吸引力与日俱增。然而，如果没有更强劲的市场参与和零售情绪的转变，TVL 的飙升可能不足以抵消 INJ 价格的下行压力。

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.

为了实现潜在的转变，市场需要增加鲸鱼活动、提高零售交易者的参与度以及对 Injective 长期效用的持续信心。在此之前，尽管该协议的生态系统增长令人印象深刻，但其价格轨迹仍不确定。