Reasons Behind INJ Token’s Recent Surge and the Possibility of a 46% Dip

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INJ, the native token of Injective Protocol, has been on a tremendous run over the past few months as demand for the DeFi-focused network has increased. The token has managed to reach a peak of $9.67, surpassing its February 7th high. This surge has pushed its value up by 736% from its lowest in December.

What’s Driving Injective Protocol’s Growth?

Injective Protocol is a rapidly growing platform that seeks to disrupt the financial sector. It is one of the few projects that is looking to revolutionize the industry by providing developers with a platform to build quality dApps. The protocol offers low transaction fees and faster speeds.

The INJ crypto price has been pushed higher due to a combination of factors. To begin with, the developers are currently hosting a hackathon that has seen numerous developers submit their projects. The winners will get both funding and guidance from experienced venture capital firms.

Furthermore, Injective has also announced that it will now be possible to liquid stake INJ tokens. Liquid staking is a technology that simplifies staking as it allows users to withdraw their tokens before the maturity period. This is made possible by Stride, a leading Lido DAO alternative for the Cosmos ecosystem and has a TVL of over $25 million.

The vote on liquid staking has attracted the support of 57% of token holders and has been backed by 99% of the voters. This has seen the INJ APY rise to 16.2% this year and the number of bonded tokens climb to over 35.2 million.

The most recent INJ news was a new proposal that was passed to help amplify liquid staking by incentivizing stINJ pool on Astroport.

https://twitter.com/AltcoinPsycho/status/1647664708256690177

INJ Price Forecast

The daily chart shows that the INJ price has experienced a strong bullish trend in the past few months. This has seen it move past key psychological levels of $8, $6, and $5 and above all moving averages.

Nevertheless, the oscillators are showing that the token is overbought and therefore, a risk/reward analysis suggests that it may be too risky to invest in the token at this stage. This could see it pull back and test the key support level at $4.91, a potential 46% drop from its current value.

How to Buy Injective

KuCoin

Kucoin is a cryptocurrency exchange that provides more than 200 different cryptocurrencies.

The platform offers a range of services, including a built-in peer-to-peer exchange, spot and margin trading, bank level security, and a variety of accepted payment methods.

It’s user interface is extremely beginner-friendly and fees are relatively low.

Get INJ with KuCoin today

Wazirx

WazirX is India’s biggest crypto exchange. Launched in 2018, WazirX has grown to become the most popular and trustworthy exchange in the Indian crypto market. It is a part of the Binance group and services users in over 180 countries.

Purchase INJ with Wazirx today

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