Injective On A Roll: Crypto Analyst Predicts Massive Breakout Against Bitcoin

Name	Symbol	Market	Market Cap ($)	Algorithm
Injective Token	INJUSD	Crypto	2,105,502,736	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Injective Token

INJUSD

Crypto

2,105,502,736

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.230	0.98%	23.68	23.66	23.68

Price Change

Price Change %

Current Price

Bid Price

Offer

0.230

0.98%

23.68

23.66

23.68

High Price	Low Price	Open Price	Prev. Close	52 Week Range
23.94	23.18	23.47	23.45	5.29 - 53.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

23.94

23.18

23.47

23.45

5.29 - 53.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:38:57	14.63	23.67	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:38:57

14.63

23.67

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,005,720.35	42,698.13	INJ	INJEUR	INJGBP	INJBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,005,720.35

42,698.13

Injective On A Roll: Crypto Analyst Predicts Massive Breakout Against Bitcoin

18/01/2024 5:00pm

NEWSBTC

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

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INJUSD Injective Token