Injective (INJ) price is currently consolidating near the $13.20 level after a recent pullback from its local highs. The price action shows signs of stabilization, with bulls reclaiming momentum for a potential move toward the $14.80–$15.20 range. However, if the current support fails to hold, a drop back toward the $12.00–$12.30 zone remains likely. Will the INJ price build enough strength to break higher, or is a deeper retracement back to earlier levels on the cards?
The token is trading around the $13 mark, supported by strong fundamental momentum. Institutional staking provider BitGo’s addition to the validator set bolstered network security, instilling confidence during a key correction phase. Before that, Injective’s EVM testnet launch and integrations with Google Cloud and Deutsche Telekom triggered a ~15% rally. This drove increased developer activity and investor interest.
While no major updates have emerged in the last 48 hours, these catalysts continue to anchor INJ’s resilience, setting the stage for a closer look at its current technical setup.
The current price action of Injective shows the token being confined within an ascending triangle. The recent rebound before hitting the ascending support suggests that the bulls hold significant dominance. Moreover, the 50/200-day MAs are about to undergo a bullish crossover along with the MACD, which is showing a drop in the selling pressure. These indicate that the price could maintain an ascending consolidation and reach the resistance threshold between $15.79 and $16.25. Meanwhile, the drop in the inflow of money could raise some concerns.
The Chainkin Money Flow (CMF) is dipping and has dropped from 0.23 to 0, indicating a drop in the money flow. However, the levels are printing consecutive higher highs and lows, which suggests a rebound could be on the horizon. Therefore, the Injective (INJ) price is believed to maintain a strong ascending trend and enter the crucial resistance zone anytime in the next couple of days. Once the price surpasses the zone, reaching above $20 may not be a tedious job for the INJ price rally.
The recent depeg incident involving sUSD from Synthetix has highlighted that this sector remains fraught with risks despite the immense potential of algorithmic stablecoins.
The sUSD incident is not the first to expose the vulnerabilities of algorithmic stablecoins. From technical challenges and regulatory pressures to dwindling community trust, projects in this space must navigate numerous obstacles to survive and thrive.
The Landscape of the Algorithmic Stablecoin Market
Algorithmic stablecoins, which maintain their value without direct asset backing, were once hailed as a breakthrough in decentralized finance (DeFi). However, according to CoinMarketCap data from April 2025, the total stablecoin market capitalization stands at $234 billion, while algorithmic stablecoins account for about $458 million, equivalent to just 0.2%.
This stark disparity reflects the reality that algorithmic stablecoins have yet to gain widespread trust from the community. High-profile failures like the collapse of UST/LUNA in 2022, coupled with regulatory uncertainties such as the EU’s MiCA framework, have fueled skepticism.
More recently, the depeg of Synthetix’s sUSD is a typical example of this model’s inherent risks.
A Deep Dive into Synthetix’s sUSD Depeg
Synthetix is a well-known DeFi protocol celebrated for its synthetic asset system. Within this ecosystem, sUSD is an algorithmic stablecoin designed to peg its value at 1 USD, backed by the SNX token and price data from Chainlink.
However, sUSD has faced significant challenges with a prolonged depeg recently. At the time of BeInCrypto’s report, sUSD was trading at 0.77 USD, which has persisted since late March 2025. The primary cause was a major liquidity provider withdrawing from the sBTC/wBTC pool on Curve, which triggered intense selling pressure on sUSD. This forced users to convert other synthetic assets like sETH or sBTC into sUSD, exacerbating the price decline.
On April 21, 2025, Kain Warwick, the founder of Synthetix, announced on X that the team had implemented an sUSD staking mechanism to address the issue. However, he noted that the mechanism remains manual and lacks a fully functional user interface (UI), which is expected to launch in a few days.
“Update on the sUSD depeg. We have implemented an sUSD staking mechanism but it’s very manual until the UI goes live in a few days. Here was my hot take from discord though,” shared Kain Warwick, founder of Synthetix.
Warwick further stated that if the incentive mechanism (carrot) proves ineffective, Synthetix would adopt stricter measures (stick) to compel stakers in the 420 pool to participate more actively. He emphasized that, with the collective net worth of SNX stakers reaching billions of USD, Synthetix has the financial resources to stabilize sUSD and resume development of derivative products on Layer 1.
No Successfully Algorithmic Stablecoin Project
Before the sUSD depeg incident, the market witnessed the dramatic collapse of UST/LUNA in 2022. UST, Terra’s algorithmic stablecoin, suffered a severe depeg, dragging LUNA’s value down from $120 to near zero. This event caused billions of USD in losses and significantly eroded trust in the algorithmic stablecoin model.
More recently, the ‘Godfather of DeFi’, Andre Cronje, behind Sonic (formerly Fantom), also shifted direction. Sonic initially developed a USD-based algorithmic stablecoin but later pivoted to a stablecoin pegged to the UAE dirham.
“Pretty sure our team cracked algo stable coins today, but previous cycle gave me so much PTSD not sure if we should implement,” Cronje stated.
Beyond technical risks, algorithmic stablecoins face mounting regulatory pressures. The EU’s MiCA regulation, effective since June 2024, imposes strict standards on stablecoin issuers to ensure consumer protection and financial stability. Under MiCA, algorithmic stablecoins are classified as ART (Asset-Referenced Token) or EMT (E-Money Token), requiring projects to meet complex compliance demands.
This intensifies the pressure on developers, especially as other jurisdictions also tighten crypto regulations.
These examples show the vulnerability of algorithmic stablecoins to liquidity shocks and market sentiment, particularly due to their lack of direct asset backing.
The Potential of Algorithmic Stablecoins
Despite the challenges, algorithmic stablecoins still hold developmental potential. A March 2025 post on X by CampbellJAustin suggested that a next-generation decentralized algorithmic stablecoin is feasible if lessons are learned from past failures.
“I actually think a next-gen decentralized algorithmic stablecoin is possible. I also think it will not be done correctly by the crypto community because the primary constraints are economic and risk management, not technological,” CampbellJAustin shared.
However, projects must focus on building more price stability mechanisms, combining algorithms with liquidity safeguards to succeed. Additionally, they should prepare for regulatory requirements, particularly in regions with stringent rules like the EU. Transparency in operations, regular audits, and clear communication with users are crucial to rebuilding community trust.
By addressing these factors, projects in this space can seize the opportunity to regain confidence and drive innovation.
Robinhood has agreed to pay $29.75 million to settle investigations by FINRA regarding its supervision and compliance practices. The settlement includes a $26 million fine and $3.75 million in restitution to customers.
Robinhood Failed to Manage Trading System During Activity Surge
FINRA found that Robinhood didn’t properly manage or oversee its system for processing trades, even though there were clear signs of delays in processing due to a huge increase in trading activity.
This happened between March 2020 and January 2021, which was the same time Robinhood restricted trading in popular meme stocks like GameStop and AMC Entertainment Holdings. In other words, Robinhood didn’t do enough to address the issues that were causing delays in its system, even though they could have seen it coming.
Robinhood failed to “respond to red flags of potential misconduct,” FINRA noted, leading to Anti-Money Laundering and supervisory and disclosure violations.
Robinhood Missed Suspicious Activities and Failed to Verify Accounts
FINRA found that Robinhood failed to detect, investigate suspicious activities, like manipulative trades, unusual money transfers, or cases where hackers took over customer accounts. Besides, Robinhood also opened thousands of accounts without properly checking customers’ identities. Because of these issues, Robinhood failed to set up strong Anti-Money Laundering programs, according to FINRA.
Robinhood also failed to properly monitor and keep records of social media posts, including those from paid influencers. Some of these posts were misleading or made unfair promises to investors.
The $3.75 million in restitution was because Robinhood gave customers incorrect or incomplete information when it changed market orders to limit orders, which impacted their trades.
Robinhood Agrees To FINRA’s Findings
Robinhood Financial and Robinhood Securities agreed to FINRA’s findings without admitting or denying the charges. This comes two months after the company settled for $45 million with the US securities regulator in January, following an investigation into violations of over 10 securities laws. Robinhood Financial and Robinhood Securities admitted to failing to maintain and preserve customer communications from 2020 to 2021.
Recently, in Q4 2024, Robinhood hit a record $916 million in net income and over $1 billion in revenue. Crypto revenue reached $358 million, a 200% increase, while crypto trading volumes jumped 450% to $71 billion.
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Robinhood has agreed to pay $29.75 million to settle investigations by FINRA regarding its supervision and compliance practices. The settlement includes a $26 million fine and $3.75 million in restitution to customers. Robinhood Failed to Manage Trading System During Activity Surge FINRA found that Robinhood didn’t properly manage or oversee its system for processing trades, …
Cryptocurrency exchange colossus Binance has again sent shockwaves across the broader market with its plans to delist 4 cryptocurrencies. An official announcement by the CEX on Thursday, April 24, revealed that the following tokens are to be delisted from the platform on May 2, 2025, at 03:00 UTC:
Alpaca Finance (ALPACA)
PlayDapp (PDA)
Viberate (VIB)
Wing Finance (WING)
As a result, usual market sentiments about the mentioned crypto prices remain highly bearish as one of the top crypto exchanges discontinues trading support for them.
According to Binance’s official release, the abovementioned cryptos will be delisted shortly due to a stockpile of risk factors that hamper user experience. Per the announcement, a thorough periodic review by the CEX concluded that these assets no longer meet the level of standards or industry requirements.
In response, the crypto exchange behemoth will delist the 4 tokens mentioned above. Mentioned below are some of the key factors that the exchange took into consideration before delisting the coins.
Commitment of the team towards the project.
Level and quality of development activity.
Trading volume and liquidity factors.
Stability and safety of the network from all types of malicious attacks
Level of public communication, community engagement, and transparency.
Responsiveness to our periodic due diligence requests.
Binance revealed that, based on these vital factors, among many others, the decision to remove Alpaca Finance, PlayDapp, Viberate, and Wing Finance spot trading pairs was taken. Moreover, ‘Trading Bots’ services for the same will also be suspended on the same date and time.
Users can move on to the official announcement for more details on Futures, Margin, Convert, and other related delistings for these assets. Overall, the announcement has dealt a severe blow to the market sentiment for these coins, with traders and investors even speculating about a sustained price crash ahead.
How Are The Coins Performing Today?
Binance’s delisting saga appears to have triggered a waning action in three of the four tokens mentioned above. WING price crashed over 30% in the last 24 hours and is currently sitting at $0.8451. Whilst VIB price also took heat, slumping 31.5% over the past day to $0.01530.
PDA price tanked nearly 17% and even hit a low of $0.009517 in the past 24 hours. However, ALPACA price has conversely gained roughly 13% to $0.04953. Crypto market traders and investors continue to monitor the tokens, mainly expecting increased volatility ahead due to the delisting.
