The Daily Breakdown takes a deeper look at Injective and Immutable X, before diving into the chart of Shiba Inu.
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Crypto Corner
We’re continuing our talk about the ins and outs of the crypto market, helping investors become more familiar with the 110+ cryptoassets offered by eToro. Today we’ll discuss INJ and IMX.
Injective (INJ): Currently trading near $3.15 with a market cap of ~$315 million
Injective is a Layer-1 blockchain built with the Cosmos SDK and optimized for decentralized finance, particularly orderbook-based trading and derivatives markets. It enables high-speed, interoperable trading across ecosystems like Ethereum, Solana, and Cosmos. The INJ token is used for governance, staking, fee payments, and collateral within DeFi applications. Secured by a decentralized validator network and supported by Injective Labs, the protocol emphasizes composability, cross-chain execution, and institutional-style on-chain trading infrastructure.
Immutable X (IMX): Currently trading near $0.15 with a market cap of ~$304 million
Immutable X is an Ethereum Layer-2 network built with StarkWare’s zk-rollup technology, designed to enable gas-free NFT minting and trading with instant confirmation and high scalability. The protocol powers major NFT gaming ecosystems like Gods Unchained and Illuvium and has partnered with brands such as GameStop and TikTok. The IMX token is used for governance, staking, and transaction incentives within the ecosystem. Immutable X focuses on scalable NFT infrastructure while preserving Ethereum security and user custody.
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The Setup — Shiba
It has not been an easy ride for crypto bulls over the past few months, whether that’s Bitcoin, Solana, Ethereum or Shiba. While Shiba has pulled back considerably, it’s now approaching a key technical area.
For years now, the $5.50 to $6.50 range has been key support. Even after all the big rallies, Shiba has eventually come back down to this area, and each time, it has been support. Bulls are now wondering if that will remain the case this time around or if support will fail and more bearish momentum will ensue.
What Wall Street’s Watching
AMD
Meta plans to deploy 6 gigawatts of data center capacity powered by processors from Advanced Micro Devices. The company will purchase AMD chips and AI-optimized systems over a five-year period beginning in the second half of 2026. According to AMD CEO Lisa Su, the agreements are expected to be worth “double-digit billions” of dollars per gigawatt. Remember, Nvidia reports earnings tomorrow after the close.
HD
Shares of Home Depot are rallying this morning after the home improvement retailer reported its fourth-quarter results. Earnings of $2.72 per share beat estimates of $2.54 a share, while revenue of $38.2 billion beat expectations of $38.1 billion, despite slipping ~4% year over year. Management maintained its full-year outlook calling for low-single-digit sales growth. Dig into the fundamentals for HD.
QQQ
The QQQ ETF took another punch yesterday, falling over 1% in Monday’s session. While the Nasdaq 100 edged out both the Dow and Russell 2000, renewed selling pressure in software stocks and cybersecurity firms weighed on tech as worries over AI disruption continue. Check out the chart for the QQQ.
Disclaimer:
Please note that due to market volatility, some of the prices may have already been reached and scenarios played out.