Tue, May 21, 2024

INJ’s $52.98 High Amidst 23% Weekly Drop

Cryptocurrencies - toncoin, inj

Quick Look:

  • INJ saw a rollercoaster in prices, recently surging to $25.31 but down 23% week-over-week.
  • The upcoming Injective 3.0 upgrade aims to accelerate token supply reduction.
  • Trading volumes for INJ rose by 17%, with significant growth in Total Value Locked (TVL).

Injective Protocol (INJ) has experienced significant price fluctuations recently. Over the last 24 hours, the token price surged by 5.74%, recovering to $25.31. However, when viewed over the past week, it shows a stark decline of 23% from a previous $32.69. Despite these short-term movements, the year-to-date performance paints a broader picture of volatility, with a high of $52.98 and a low below $26.

Historically, January 2024 saw prices at $45.19, which later adjusted to $33.35. A record high was nearly reached again in March 2024 at $52.65. The token’s price currently stands at $40.71, with its market capitalisation ranking 39th globally at approximately $3.8 billion.

Key Events: AI Integration & Record $65.4M TVL Surge

Several pivotal developments have shaped the INJ market landscape. The Injective 3.0 network upgrade announcement aims to hasten the INJ token supply reduction through enhanced tokenomics and increased burning rates. Moreover, record highs in staked INJ tokens are nearing 54.41 million, indicating growing investor confidence.

Furthermore, the adoption of Artificial Intelligence in blockchain functionalities is set to enhance interoperability, efficiency, and scalability. A remarkable increase in Total Value Locked (TVL), which soared by more than 335% since December 2023, now stands at $65.4 million.

INJ Trading: Volume Up 17%, Supply Increases

Over the last week, the trading volume for INJ increased by 17%, showcasing heightened activity. The circulating supply of INJ has risen slightly by 0.3%, with a total supply now at 90.04 million tokens. Key deflationary measures, such as token burning, aim to reduce the supply and potentially enhance token value. Staking is an attractive option, with net inflows of £737k in the last 24 hours and an Annual Percentage Rate (APR) of over 14%.

Ecosystem Analysis: Challenges Amid $136.1M TVL

The total value locked within the ecosystem stands at $136.1 million, having peaked earlier in the year at $204 million. However, not all components have fared well, with notable losses reported in Hydro Protocol (21%), Dojoswap (over 30%), and Helix (24%), despite the latter maintaining a robust market share in the Decentralised Exchange (DEX) industry with $108 million processed in the last day alone.

Forecast: Bearish Trends with Support at $30.51

Looking ahead, key support levels for INJ are pinpointed at $30.51 and $20.13. Current chart patterns such as the ‘Bearish flag’ suggest a potential bearish breakout, cautioning investors about possible downward pressures in the near term.

Injective Protocol remains at the frontier of innovation with its strategic upgrades and integration of advanced technologies. However, investors should brace for continued volatility, guided by technological advancements and market dynamics.

YOU MAY ALSO LIKE

Quick Look: Hamster Kombat gained 8 million users in four weeks, with

Ethereum Dominates While Competitors Grow Rapidly, ether

Quick Look: Ether surged 20% on renewed optimism for SEC approval of

GBP/USD: British pound sterling coins. Bank of England (BoE)

Quick Look: GBP/USD rallied to 1.2710 in the early Asian session, reflecting

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spreads
    Sending
  • Trading Instument
    Sending

BROKER NEWS

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who

BROKER NEWS

Broker News

Dutch Neobank BUX Names Marcel Jongmans as Chairperson

BUX Holding, the parent firm of mobile investment platform BUX, today announced Marcel Jongmans as the board’s new Chairperson. With almost 30 years in financial services, Jongmans will succeed Founder Nick Bortot, who will