Injective’s INJ Token Surges 7% in 24 Hours, Nears $3 Billion Market Cap
Injective, a Layer 1 (L1) protocol, has recently seen its native token, INJ, experience a significant 7% surge in the crypto market. This surge has pushed the protocol’s market capitalization closer to the $3 billion milestone. The price movement coincides with various announcements made by the Injective protocol, further adding to the positive sentiment around the project.
Injective Users Pledge to Burn 6 Million INJ Tokens
Injective recently released a detailed paper on its native token, INJ, highlighting its core utilities and mechanisms driving a programmable token economy with a focus on deflationary acceleration. Additionally, the protocol disclosed that INJ token burn auctions have been increasing in size, with users burning a cumulative total of 6 million INJ tokens by next week. This burning mechanism aims to reduce the total supply of tokens in circulation, increasing scarcity and potentially driving up the value for remaining token holders.
- Users to burn a total of 6 million INJ tokens
- Token burn auctions steadily increasing in size
- Strategic mechanism to reduce token supply and increase value
Launch of Injera Protocol and USDi
Injective also revealed that the Injera protocol is set to launch by the end of June, marking a new era for the project. In collaboration with DojoSwap, a decentralized exchange (DEX) on Injective, the community will develop Injera and USDi, a synthetic dollar backed by Injective’s finance infrastructure. The Injera money market, at the core of the protocol, will optimize capital efficiency for USDi through collateralized debt positions (CDP) and smart leveraging.
- Injera protocol scheduled to launch by end of June
- Collaboration with DojoSwap for USDi development
- USDi governance by Injera token (ERA) for stable synthetic USD
It’s set to offer stable yields of 10-90% for USDi holders.
Return of Bullish Sentiment for INJ Token
Following recent developments and announcements, the INJ token has successfully surged back above the $28.68 price level. This bullish momentum comes after a correction in April when the token dropped to $20 from a new all-time high of $52 in March. Currently, the $29 level poses a significant resistance point for the token, which could be tested in the near future if bullish sentiment continues.
- INJ token reclaims $28.68 price level
- Resurgence in bullish momentum post-April correction
- $29 level presents a critical resistance point
Anticipation Builds Around Injective’s Future Trajectory
With ongoing advancements within the Injective ecosystem and the positive sentiment surrounding recent announcements, market participants are eagerly watching to see if these developments will drive a sustained upward trend for the token. The potential to surpass previous record levels is also a point of interest for traders and investors within the crypto space.
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