Injective On A Roll: Crypto Analyst Predicts Massive Breakout Against Bitcoin
January 18 2024 - 12:00PM
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Crypto analyst The Crypto Dog has provided a bullish narrative for
the Injective (INJ) token. As part of his insights, the analyst
hinted that the crypto token could outperform Bitcoin soon
enough. Injective To Breakout Against Bitcoin In an X
(formerly Twitter) post, The Crypto Dog shared an INJ/BTC chart
while hinting that an “incredibly bullish structure” was forming on
the charts for Injective against the flagship crypto token. From
the chart, it was obvious that the analyst was suggesting that the
INJ token could soon make a massive move against Bitcoin.
Related Reading: SUI Overtakes Bitcoin, Aptos To Become
13th-Largest DeFi Network However, he didn’t provide details as to
when this move could occur and what price levels INJ will hit once
this impending breakout happens. Just like Solana’s SOL, INJ was
another standout crypto token in 2023, as it rose to almost $40,
enjoying a gain of about 3,000% in the process. This was more
commendable, considering that it happened in an ongoing bear
market. Interestingly, INJ’s run continued into the new year, with
the crypto token hitting its current all-time high (ATH) of $45 on
January 9. One of the narratives that is believed to have brought
INJ this far is the one around artificial intelligence (AI) tokens,
with AI projected to be one of the leading themes in the next bull
run. Injective, a layer-1 blockchain, also prides itself as
the first blockchain to offer auto-executing smart contracts and
happens to be one of the fastest blockchains out there. With such
features, there is no doubt that the demand for the INJ token could
continue to be on the rise as Injective’s utility increases.
INJ begins another recovery trend | Source: INJUSD on
Tradingview.com Other Narratives That Could Lead To INJ’s Rise The
Injective blockchain happens to be interoperable with Ethereum
through its cross-chain infrastructure. This could be significant
especially as Ethereum continues to see its dominance surge. Once
ETH begins to run, INJ could be one of the biggest benefactors
since some of the liquidity in the Ethereum ecosystem could easily
flow into Injective. Related Reading: Crypto Analyst Predicts XRP
Price Will Surge 800% To Reach $5 In The Next 90 Days Injective’s
distinct burn mechanism is another feature that could be a big plus
for INJ’s price. The network is known to carry out a weekly
on-chain buy-back-and-burn auction where 60% of fees generated on
its protocols are auctioned, with users only being able to bid in
INJ. The INJ tokens made from these auctions are then burned and
removed from circulation. These weekly burns are expected to
be effective, considering that the token has a maximum supply of
only 100 million. So far, close to 6 million of this supply have
been burned. Meanwhile, at the moment, there are only just 83.7
million INJ tokens in circulation. At the time of writing,
INJ is trading at around $38, down over 4% in the last 24 hours,
according to data from CoinMarketCap. Featured image from
Coinpedia, chart from Tradingview.com
Injective Token (COIN:INJUSD)
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Injective Token (COIN:INJUSD)
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