Is INJ Outpacing Layer-1 Competitors as Weekly Transactions Hit 45.8M?

Key Insights:

• INJ recorded 45.8M weekly transactions, marking its highest level in the past 12 months.
• Wallets tied to Coinbase moved 163K INJ this week, totaling $2.38M in cumulative transfers.
• TVL increased 68.5%, and protocol revenue surpassed $119K, showing strong network momentum.

Injective Protocol registered its highest weekly transaction count of the year, peaking at 45.8 million. This sustained uptrend reflects continued adoption and rising utility across the network. Notably, the data highlights consistent on-chain growth since mid-2024, with clear acceleration into July 2025.

Alongside rising transactions, on-chain metrics like daily active users and DeFi activity have also improved significantly. Decentralized exchange volume now exceeds $888 million, while protocol revenue has climbed above $119,000. At the same time, Injective’s total value locked (TVL) surged 68.5%, adding more weight to its recent performance.

This growth correlates with speculation around an ongoing accumulation trend linked to Coinbase. Multiple wallets, some previously unlabeled, have withdrawn INJ tokens from Coinbase to cold storage. These wallets collectively moved over 163,000 INJ this week alone, totaling around $2.38 million in value.

Coinbase Activity and Market Behavior

The pattern began in mid-June 2025, when large amounts of INJ were shifted from Coinbase Prime to dedicated cold wallets. As of now, more than 8.5 million INJ reside in wallets suspected to be linked to Coinbase, many of which are still at a loss based on current prices. The average acquisition cost for those holdings is estimated to be around $20 per INJ.

This accumulation has continued despite INJ trading around $14.90, down 2.07% over the past 24 hours. Market capitalization stands at $1.48 billion with over 102,000 holders. The token’s volume-to-market cap ratio reached 14.5%, reflecting sustained interest and liquidity.

Technical indicators now show strong upward momentum after breaking resistance around $11. Analysis by market analyst Crypto Rand indicates a steep reversal in trend, suggesting bullish momentum could carry through to Q3. If this trajectory holds, INJ may soon challenge its prior highs near $40.

With institutional-grade movements and on-chain fundamentals strengthening, INJ is positioned for increased investor attention. The interplay between protocol activity and large wallet behavior will likely shape the next phase of price discovery.