Cryptographic analyst The crypto Dog has provided a bullish narrative for the Injective Token (INJ). As part of his ideas, the analyst hinted that the crypto token could outperform bitcoin soon.
Injective to break against bitcoin
In an X (formerly Twitter) mail, The crypto Dog shared an INJ/btc chart while hinting that an “incredibly bullish structure” was forming on Injective charts against the flagship crypto token. From the chart, it was obvious that the analyst was suggesting that the INJ token could soon make a breakthrough. mass movement against bitcoin.
However, he did not provide details on when this move could occur and what price levels INJ will reach once this impending breakout occurs. Like Solana's SOL, INJ was another notable crypto token in 2023 as it rose to almost $40, enjoying a gain of around 3000% in the process. This was all the more laudable, considering it occurred in an ongoing bear market.
Interestingly, INJ's career continued into the new yearand the crypto token reached 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 revolving around artificial intelligence (ai) tokens, with ai-could-spark-crypto-bull-run-analyst/” rel=”nofollow”>Projected ai be one of the main themes in the next bull run.
Injective, a Layer 1 blockchain, also prides itself on being the first blockchain to offer self-executing smart contracts and happens to be one of the fastest blockchains out there. With such features, there is no doubt that demand for the INJ token could continue to rise as the utility of Injective increases.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Crypto-Analyst-Predicts-Massive-Breakout-Against-Bitcoin" alt="Tradingview.com Injective Price Chart (INJ bitcoin)” width=”3266″ height=”1530″ loading=”lazy”/>
INJ begins another recovery trend | Source: INJUSD on Tradingview.com
Other narratives that could lead to INJ's rise
He Injective blockchain It turns out to be interoperable with ethereum through its cross-chain infrastructure. This could be significant, especially as ethereum continues to see your increase in dominance. Once eth goes live, INJ could be one of the biggest benefactors, as some of the liquidity in the ethereum ecosystem could easily flow into Injective.
The injective is different. burning mechanism It's another feature that could be a big plus for the INJ price. The network is known to carry out a chain week. buyback and burn auction where 60% of the rates generated in its protocols are auctioned, with users only being able to bid in INJ. The INJ tokens made in these auctions are 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, about 6 million of these supplies have been burned. Meanwhile, at the moment, there are only 83.7 million INJ tokens in circulation.
At the time of writing, INJ is trading at around $38, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Coinpedia, chart from Tradingview.com
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