Market-shaking news sends INJ price up 7%

Published on:

Injective, a layer 1 (L1) protocol, emerged as one of the standout performers in the cryptocurrency market on Thursday thanks to its native token INJ has seen a significant escalate of 7% in the last 24 hours.

With this growth, the protocol’s market capitalization is approaching the significant milestone of $3 billion. The price movement coincides with major announcements by the Injective protocol regarding its token and ecosystem.

Injection users will burn 6 million INJ

One of the key announcements revealed in the minutes is release comprehensive article on Injective Token, INJ. The article dives into the core token tools and mechanisms that power a programmable token economy, with a focus on accelerating deflation.

Additionally, injection revealed that INJ token burning auctions are “continuously increasing” – on the day of the announcement, 12,266 tokens were infinitely burned. Injecting users will burn a total of 6 million INJ by next week.

This combustion mechanism plays a key role in reducing the total supply of tokens in circulation, thereby increasing scarcity and potentially increasing the value of remaining tokens. This ultimately benefits token holders by establishing a deflationary mechanism and controlling inflation within the protocol.

Launch of Injera and USDi

Injection too revealed that the expected launch of the Injera protocol is scheduled for the end of June, which the protocol says marks the beginning of a “new era for Injective.”

How announced, in partnership with DojoSwap, a decentralized exchange (DEX) on Injective, the community will build Injera and USDi, an Injective Synthetic Dollar aimed at powering the Web3 ecosystem. The goal is to create a decentralized synthetic dollar token fully backed by Injective’s financial infrastructure.

The Injera money market is at the core of the Injera and USDi protocol, designed as a collateralized debt position (CDP) market. This market optimizes the capital efficiency of the synthetic dollar USDi, enabling the judicious utilize of USDi to lend “market-making assets.”

USDi, the native synthetic dollar, will be managed by Injera token (ERA). It is a stable synthetic USD generated by delta-neutral positions, providing USDi holders with stable returns ranging from 10% to 90%.

For DojoSwap, this development ensures continuous growth in TVL and trading volume, generating fee amounts for ecosystem participants.

The return of bullish moods

Following these announcements, the INJ token successfully regained the $28.68 price level, reviving its position Bullish momentum after the April price correction to $20.

This correction comes after the token unusually reached a up-to-date all-time high (ATH) of $52 in March.

In the near term, the $29 level may pose a headwind for the token, representing a significant resistance point that has held for the past two months.

However, if the bullish momentum continues, the token could break above this resistance and retest the $31 and $35 levels resistance levels on the INJ/USD daily chart.

The daily chart shows the INJ price rebound. Source: INJUSD on

Ultimately, the continued progress in the Injective ecosystem has raised expectations about the token’s future trajectory. Market participants are keen to see whether these developments can sustain a sustained uptrend and potentially exceed record levels previously achieved.

Featured image from DALL-E, chart from


Leave a Reply

Please enter your comment!
Please enter your name here