Injective Token Burning Speeded & Analysts Are Bullish, Can INJ Gain 100%?
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1 There has been a significant uptick in token burn auctions, with an expectation to burn 6 million INJ tokens next week.
2 Based on technical analysis and market indicators, analysts anticipate a potential increase in INJ’s price.
A blockchain designed specifically for finance purposes, Injective (INJ) offers developers various robust modules, including a decentralized order book for sophisticated applications.
Furthermore, Injective crypto optimized by 3.98% in market value and plummeted by 17.65% in trading volume in the last 24 hours, as per CoinMarketCap.
Its market value is $2.544 Billion, and its trading volume is $86.166 Million. There are 93.400 Million INJ in circulation, and liquidity is weak, as the volume-to-market cap ratio stays at 3.34%.
Injective (INJ) Token Burn Auctions Are Rising!The Injective protocol has witnessed a significant uptick in token burn auctions, with 12,266 INJ tokens being permanently removed from circulation on June 6th, 2024.
This trend is expected to culminate in a staggering 6 million INJ tokens burning by the following week. This systematic reduction in token supply is anticipated to drive increased usage and protocol revenue, leading to an even greater number of INJ tokens being burned.
From a financial standpoint, this update looks more like an optimistic development for the Injective (INJ) ecosystem since token burning has often been done to reduce the available supply. It could potentially grow the demand and price of each remaining token.
For Injective, this could mean a more robust and valuable network, as the reduced supply may enhance the scarcity and demand for INJ tokens.Technical Analysis of Injective (INJ)The Injective token price began to show a bullish trend in October 2023, rising from $7.75 to a pattern of higher highs and higher lows.
