Crypto Market Volatility: Injective, Jupiter, Qtum Drop 18%, 16%, 14% Amid Upgrades

In July, the crypto market experienced significant volatility, with prominent tokens such as Injective (INJ), Jupiter ($JUP), and Qtum (QTUM) facing substantial declines. These tokens saw drops of up to 18%, driven by profit-taking and investor caution ahead of upcoming technology upgrades. Despite these price drops, market observers remain focused on several key blockchain developments this month, including the anticipated testnets and mainnet launches of ZetaChain (ZETA) and Soso Network (SOSO).

Injective (INJ), a blockchain optimized for decentralized finance (DeFi) and derivatives trading, experienced a decline of approximately 15–18% this week. This drop reflects broader market weakness rather than internal project flaws. The market correction saw traders lock in profits after Injective's recent rally, aligning with typical cyclical patterns in altcoins. Analysts indicate that, despite the downturn, Injective’s upcoming ecosystem updates could offer long-term growth catalysts once broader sentiment stabilizes.

Jupiter ($JUP), a key decentralized exchange aggregator on the Solana network, also faced an 11–16% price decline amid shifting market dynamics. As Solana’s DeFi ecosystem matures, Jupiter remains critical to liquidity routing and token swaps. However, recent macroeconomic uncertainty and Solana’s network volatility have contributed to near-term selling pressure. Jupiter’s roadmap includes new liquidity integrations and trading innovations, but market participants appear to be waiting for proof of sustained network stability before re-entering positions.

QTUM, the original smart contract platform that blends Bitcoin’s UTXO model with Ethereum’s EVM compatibility, lost about 10–14% this week. Despite its efforts to re-imagine its root infrastructure, QTUM has struggled to gain traction against newer, more agile layer-1 chains. The next couple of months will be critical as the team enhances scaling upgrades and developer tooling in a bid to re-prioritize ecosystem development. In the meantime, QTUM finds itself in a tight position as competition in the smart contract space intensifies.

ZetaChain’s anticipated testnet launch this month is positioned as one of the most significant interoperability milestones in 2025. The project is developing an innovative, unified layer for cross-chain communication without relying on wrapped assets or complex bridges. Analysts describe ZetaChain as a potentially revolutionary solution for multi-chain application developers. Market participants will be watching whether the testnet demonstrates superior security and usability—two key areas that have hampered past interoperability efforts.

Soso Network, a rising blockchain platform focused on DeFi applications, is targeting an innovative testnet launch that could unlock new liquidity pathways across multiple chains. Industry insiders label the project as dynamic and potentially high-yield, given its focus on seamless cross-chain lending and swaps. SOSO’s success will depend on attracting elite developers and forging partnerships within the DeFi space. Its upcoming releases are expected to be a litmus test for whether new layer-1s can still capture market attention in an increasingly saturated field.

Despite the novel enhancements, the overall mood in the crypto market remains weak due to macroeconomic factors and liquidity strains. Investors are cautious, and the market volatility is high. However, the upcoming testnets and launches of ZetaChain and Soso Network are seen as potential game-changers that could address key interoperability and DeFi restrictions, offering long-term growth opportunities for the crypto universe.