Injective Protocol (INJ) Deflationary Upgrade Sparks Bullish Momentum With $26 in Sight

The Injective community has overwhelmingly supported the governance proposal to move on to the next stage of INJ development, as 99.89% votes were in favor. This is a significant development, as it aims at reducing the total supply of tokens by a considerable margin and will make INJ one of the most deflationary assets in the cryptocurrency market.

Now that it has been implemented, INJ embarks on a new journey where a potential scarcity of supply can lead to its utility and value increasing. This can be attributed to a move by the team to reward loyal holders of INJ while establishing it as a deflationary community-driven token. This shows great unity among holders to maximize INJ’s potential.

Also Read: Injective Weekly Chart Breakdown: INJ Eyes $17.30 Long-Term Recovery

Barron Trump’s Investment Sparks INJ Crypto Buzz

However, the crypto analyst Wealthy Anon.inj highlighted that there is a rumor circulating that 19-year-old Barron Trump, the son of former President Donald Trump, made a purchase of $150 million worth of INJ at an average price of $4.63. Although it is creating a buzz in the crypto Twitter community, there is nothing to support the claim on the internet or on the blockchain.

Another personality involved in the crypto market is Barron, whose net worth of $150 million has been estimated due to his link to World Liberty Financial and other cryptos. His net value has been generated by his intelligent investment of tokens and his family’s, rather than his investment of INJ. This rumor proves how cryptos depend on influential people.

Injective (INJ) Eyes $26 After Ascending Triangle Formation

Moreover, the crypto analyst, Whales_Crypto_Trading, pointed out that INJ is displaying strong signs of a bullish breakout as it is forming an ascending triangle pattern on its daily chart.

The strong support and formation of higher lows indicate a strong possibility of breaking out over the existing resistance level. The community is looking to reach the $26 mark, which would be a strong breakout for INJ.

Source: X

Analysts have noted that volume and momentum are key in determining whether or not there is a continuation of the price surge, noting that there is a period of accumulation that is taking place among buyers, and a strong breakout is likely building.

Also Read: Injective Faces Volatility, Strong Move Could Hit $6.335