Token

Arbitrum

Injective

Billion

<ul class="list-ic vertical">
 <li><span>1</span> <a>Injective protocol has displayed a decline from 30k to 15k in the number of active address in the last few months.</a></li>
 <li><span>2</span> <a>INJ is currently trading near $30 with a gain of 12% intraday.</a></li>
</ul>
<p><strong>Injective protocol</strong> is a layer 1 protocol which is built to power next generation financial applications and decentralized exchanges. It has a powerful core financial infrastructure with a fully resistant onchain order book. It also provides a next generation, highly interoperable smart contract platform based on Cosmwasm with the advanced interchain capabilities. It is also highly interoperable with various layer one networks.</p>
<p>Recently<strong> Injective protocol</strong> disclosed that they are steadily increasing the <strong>INJ token </strong>burn with 12266 token burn on the announcement day. Injective users are set to burn over 6 million tokens in the upcoming week. The burning plays a crucial role as it will limit the supply while increasing the scarcity and potentially driving up the value of the token price. They have also revealed that they will be launching “Injera” by the end of June which will be another milestone for the protocol.</p>
<h2 class="wp-block-heading" id="strong-injective-active-addresses-on-a-continuous-decline-strong"><strong>Injective Active Addresses on a Continuous Decline</strong></h2>
<p><strong>Injective</strong> is one of the first blockchains which offers auto executing smart contracts empowering faster and more innovative applications. In May, the protocol saw a&nbsp; significant rise with the integration of Injective and Arbitrum marking a major step forward in interoperable EVM infrastructure. It will increase the throughput and efficiency while creating a more versatile platform for developers and users.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="780" height="476" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-86.png" alt="Injective" class="wp-image-208119" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-86.png 780w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-86-300x183.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-86-768x469.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-86-750x458.png 750w" sizes="(max-width: 780px) 100vw, 780px">
 </figure>
</div>
<p class="has-text-align-center">Source: Active Addresses by Artemis</p>
<p><strong>Injective protocol </strong>has shown a decline in the overall active addresses. In the last three months, it has declined from the highs of 30k to a low of 15k. The daily transactions of the protocol is near 2.1 Million as per the data by Artemis. Meanwhile, the cumulative trading volume of the platform has increased over the last few months.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="335" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-85-1024x335.png" alt="Injective" class="wp-image-208118" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-85-1024x335.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-85-300x98.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-85-768x251.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-85-750x245.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/06/image-85.png 1042w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p class="has-text-align-center">Source: Defillama</p>
<p>Injective protocol is displaying strong growth in the TVL as it reached a high of $72 Million. Meanwhile, the fees collected on the platform has seen a slight decline while the revenue has remained constant. The number of core developers of the platform is currently 18 which is highest among its competition.</p>
<h3 class="wp-block-heading" id="strong-will-the-inj-token-burning-push-the-price-beyond-50-strong"><strong>Will The INJ Token Burning Push the Price Beyond $50?</strong></h3> 
<p><a href="https://in.tradingview.com/chart/INJUSDT/EEhyCBod-?</a> by <a href=" https: in.tradingview.com u ritika_tcr rel="noopener noreferrer nofollow">Ritika_TCR</a> on <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow">TradingView.com</a></p> 
<p>Injective protocol has a market cap of $2.7 Billion and is ranked 47th in the <a href="https://www.thecoinrepublic.com/2023/01/01/top-five-memecoins-in-cryptoverse-by-market-capitalization/" target="_blank" rel="noopener noreferrer nofollow">cryptoverse</a>. The volume of the asset price has seen a surge of 116% while the VM ratio of asset remains near 0.02.<strong> INJ</strong> is currently trading near $29 with a gain of 12% in the intraday session.</p>
<p><strong>INJ token </strong>price is currently forming strong bullish candles on the daily chart. It is currently trading above the 50 and 100 EMA. The upside trend of INJ can see a halt near $40. Meanwhile, the support of the asset price can be seen near $20. The correlation of BTC and <strong>INJ</strong> has also surged and reached 0.72.</p>
<p>The RSI of the <strong>INJ</strong> is currently near 64 with a positive slope in it. The overall sentiment of the indicator is bearish in nature.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>Injective protocol is currently observing a surge in the overall volume and transactions. Meanwhile, the overall TVL of the protocol has also observed a strong rise. INJ token price is currently in a strong trend and can see a new high in the future.</p>
<h4 class="wp-block-heading"><strong>Disclaimer</strong></h4>
<p>The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.</p>

Will Injective Protocol’s Declining Fees Halt The INJ Bullish Run?

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