Despite broader market weakness, Injective Protocol’s INJ token has shown resilience over the past day. As Bitcoin and major cryptocurrencies declined, INJ held support and avoided substantial losses.
An analysis from Anjela from Tradingview attribute INJ’s relative strength to growing anticipation of significant token burns. As part of Injective’s decentralized governance model, network fees are used to systematically remove INJ from circulation.
Based on activity, these weekly burns are projected to ramp up considerably in the near future. By permanently destroying portions of the supply, the burns may offset selling pressure even amid bearish macro conditions.
As the whole cryptocurrency market traded in the red, INJ exhibited a surge in its value amidst the bloodbath. Injective (INJ) is currently trading at $7.5793. In the last 24 hours, its price has increased by 5.79%, with a trading volume of $82,982,623.
Doge2014 raises 450K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +For INJ holders, the combination of deflationary activity, technical strength, and platform growth sets up an appealing backdrop despite fragile overall market conditions. While risks remain, Injective appears well-positioned to continue carving out its own path higher.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
