INJ
Injective recently launched a new tokenized index for BlackRock’s BUIDL fund that tracks the fund’s supply. The network revealed that the index is the first perpetual market. The new feature will provide unique access to the BUIDL fund. The BUIDL fund, the BlackRock USD Institutional Digital Liquidity Fund, marks BlackRock’s first tokenized product launched on a public blockchain. Importantly, it will give institutional investors exposure to U.S. Treasuries and other assets.
August was a big month for the Injective (INJ) community, highlighted by a major chain upgrade and a successful Injective Builder House event in Brussels. The chain upgrade was completed without a hitch. It is expected to improve the performance and security of the protocol, benefiting all users. Additionally, the community looks forward to building on the progress made in August. These updates provide a solid foundation for future growth.
In terms of market performance, Injective has been in the spotlight, with its price rising to $17.09, up 8.56% in the past 24 hours. Despite bearish market sentiment with a Fear & Greed Index score of 29 (Fear), Injective has performed well over the past year. Its price has risen by 151% so far this year. Thus, it has outperformed 81% of the top 100 crypto assets. Moreover, INJ is trading 54.97% above its 200-day simple moving average of $11.02. This indicates a positive trend compared to its token sale price.
CFX
Conflux Network is collaborating with Alibaba Cloud to advance Web3 solutions in the retail, art, tourism, entertainment, and education sectors. Through this collaboration, the two companies aim to drive innovation in Hong Kong and create business opportunities using advanced technologies.
Conflux Network is a blockchain network focused on fast, secure, and scalable decentralized application (DApps) solutions. The network's tree graph consensus mechanism increases transaction speed and reduces latency while ensuring security. These features make Conflux the right partner to develop Web3 solutions that meet industry needs.
Meanwhile, CFX is seeing positive market trends despite the downturn. At press time, Conflux is trading at $0.1311, up 7.47% intraday. Year to date, prices are up 5%.
Additionally, CFX has 16/30 days where the closing price exceeded the opening price, indicating moderate momentum. The token also exhibits high liquidity according to its market capitalization. Analysts expect Conflux to trade between $0.131878 and $0.15973 this week. This forecast suggests that there could be upside in the short term, although market volatility remains a concern.
AKT
On September 4, Nvidia, the leading artificial intelligence chip company, was hit by the market and its price plummeted by 9.53%. In the early hours of Thursday, its stock price fell from US$116.02 to US$108, and its market value shrank by US$270 billion, from US$2.92 trillion to US$2.65 trillion, setting a record for the largest single-day market value shrinkage for a US company.
Nvidia's stock price fell after the U.S. Department of Justice reportedly issued an antitrust subpoena. The impact of this decline was not limited to Nvidia, but also affected artificial intelligence-focused cryptocurrencies such as Akash Network (AKT), Fetch.AI (FET), and Render (RNDR). Akash Network, in particular, fell 11% from an intraday high of $2.40 to $2.15.
However, the coin has shown signs of recovery with its price rising to $2.33, up 4.96% in the last 24 hours. The coin remains well above its 200-day simple moving average at $1.01.
The price of Akash Network is expected to rise further and could reach $7.54 by October 2024, a gain of 226.84%. Nvidia’s recent market woes have had a ripple effect on AI-related cryptocurrencies, although some cryptocurrencies such as Akash Network are showing signs of a potential rebound.
