Key Takeaways:
- INJ jumped 7% to reclaim $5 after Binance supported the mainnet upgrade
- The IIP-665 hard fork went live July 3 with performance and economic improvements
- A $246,000 buyback burn and upcoming Injective Summit add to bullish catalysts
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Injective surges 7% to $5 as Binance backs mainnet upgrade
Injective's INJ token rose 7% to $5.03 on July 3 after Binance said it would support the network's IIP-665 mainnet upgrade.
"Binance will temporarily suspend INJ deposits and withdrawals during the upgrade," the exchange said in a statement, adding that the hard fork brings "performance upgrades and optimizations" to the Injective protocol.
The IIP-665 upgrade went live on July 3, introducing performance, security and economic improvements to the L1 blockchain, according to Injective's development team. The move follows a period of consolidation, with INJ bouncing off support at $4.034 before breaking above $5, CoinGecko data show. The token's 24-hour trading volume more than doubled to $145 million as of 14:00 UTC.
The rally comes as Injective's buyback mechanism removed $246,000 worth of INJ from circulation in a single auction round, shrinking supply. Traders are now eyeing the Injective Summit on July 16 in Washington, D.C., where BlackRock, Invesco, Grayscale and Franklin Templeton are scheduled to appear, as well as potential Coinbase native INJ support expected around July 20.
The upgrade's economic improvements include changes to the network's fee structure and validator incentives, according to Injective's documentation. Native USDC integration, which reduces bridge risk for users moving capital onto the chain, has also drawn renewed attention from traders.
INJ's technical setup turned bullish after the token reclaimed both its exponential moving averages, with the stochastic oscillator crossing up from oversold territory at 23.08, according to trading analysis cited by market participants. The relative strength index, a momentum gauge, moved above 50 for the first time in two weeks.
The broader altcoin market showed mixed performance on July 3, with Bitcoin trading flat near $61,900 and Ethereum up 1.8% to $1,738, CoinGecko data show. INJ's 7% gain made it one of the top performers among L1 tokens by market cap.
This article is for informational purposes only and does not constitute investment advice.
[1] Injective Price Targets $7 as Binance Upgrade Support Ignites Momentum[2] Beef prices hit record highs before July 4 as cattle supply shrinks[3] The biggest blockchain upgrades still to come in 2026[4] SBI Crypto to shut down mining pool that holds roughly 2% of Bitcoin's hashrate[5] Injective Surges 4.09 Points: Upgrade, Binance Support, Buybacks - CoinMarketCap
