Understanding Injective’s (INJ) 8% Drop Amid Broad Crypto Selloff

Injective (INJ) experienced an 8% decline during a widespread crypto market downturn, with the total crypto market cap decreasing by approximately 2.8% and the altcoin market cap falling by about 3.1% over the same 24-hour period. This drop was driven by macro risk-off sentiment and large Bitcoin-led liquidations, rather than any INJ-specific negative news. Recent Injective developments, such as the Meridian upgrade and a new whitepaper, are structurally positive. INJ remains up about 23% over the past 30 days, indicating that the recent drop is more likely due to profit-taking and a leverage shake-out on a down day for risk assets, rather than a project-specific…