token: News of Injective (INJ) - June 2024 Price Update - 7.32% Breakout Crypto News and Analysis

Professional Author and Crypto Trader

Spot the Main Event:

The main reason for the current increase in the token price is the token burn they have planned to take place in the next few hours. This event would have about 6 million $INJ burnt, which would cause an increase in scarcity and, subsequently token price. Another reason is the ad they had placed in Times Square. This would help reach out to more people, both in the Web3 space and out of it.

Cute, funny and a little bit crazy!!!

Spot the Main Event:

Today, wednesday 12th June, the Team (INJ) successfully burned 6 Million tokens, which they tagged INJ BURN AUCTION. How the $INJ Burn Auction Works: ELI5 Collecting Protocol Revenue: The on-chain auction module on Injective gathers protocol revenue from various dApps across the Injective ecosystem alongside user contributions. All of this collected revenue then goes into a special pool called the Auction Fund. Placing Your Bets: This special pool is auctioned off weekly, where anyone can bid on the basket of assets using $INJ and win the entire Auction Fund. This presents participating competitors with a potential arbitrage opportunity. For instance, a user can potentially purchase $1000 worth of USDT for $900 in INJ Winning and Burning: The winner receives the entire Auction Fund in exchange for their bid, made in INJ. The INJ that was used to win the auction is automatically burned, meaning that the INJ tokens are gone forever. United Community Effort: The Burn Auction reduces the total number of INJ and encourages community participation. This keeps the ecosystem active and engaged, as people want to bid and win the Auction, while helping reduce the total amount of INJ in existence. Everlasting Growth: As protocol revenue on Injective grows, more assets are added to the Auction Fund, leading to larger INJ auctions and burns. This creates a dynamic system, auctioning off larger pools of assets and burning larger amounts of INJ. A win-win for all involved. INJ Burns have historically grown over recent months as protocol revenue has continued to rise due to the overall growth of the Injective ecosystem. So as the ecosystem and community wins, Injective wins too.

Explore the Core.

Injective is a layer 1 blockchain designed specifically for finance, focusing on decentralized finance (DeFi) applications. Injective employs a powerful CosmWasm-based smart contract layer, enabling complex dApps and cross-chain application development. This implementation allows smart contracts to self-trigger with each block, eliminating the need for external agents. Injective Electro Chains facilitate the integration of Ethereum and Solana-based smart contracts into the ecosystem, offering a seamless deployment experience for developers from both ecosystems. The data layer provides real-time data indexing, transaction relay capabilities, and gas-free transactions. This API helps the network provide a more seamless experience. Injective is interoperable within the Cosmos ecosystem through IBC and beyond through decentralized cross-chain bridging infrastructure, enabling harmonious interaction with EVM chains and non-EVM chains like Ethereum, Solana, Klaytn, and more. Tendermint Proof-of-Stake Consensus: Injective uses a Tendermint-based Proof-of-Stake (PoS) consensus mechanism, optimized for creating, deploying, and using smart contracts. This consensus mechanism offers lightning-fast performance and instant transaction finality. INJ, the native utility token of Injective serves various roles, including governance, token burn auctions, and staking on the PoS network. It is used as collateral in DeFi lending platforms, for asset swapping, and as payment for transaction costs.

Spot the Main Event:

Today 12th of June,2024. Injective announced 6 Million total $INJ has been burnt, thats a significant milestone towards the driving up of the market value of the INJ token. Burning of the INJ token reduced a significant total supply of the INJ token. Making it more scarce, hereby driving up it value. This burning announcement also called in investors to the INJ ecosystem, to take a better part of the burning.

Owojori

Spot the Main Event:

There's a two major news that influences the price pump; the news about the burning of the token that will occur tomorrow (6 million worth will be burned). There's a form of advertisement about the token in the middle of time Square, this is significant in influencing the token spreads.

Spot the Main Event:

the INJ burn auction which saw over 6 Million tokens burned to date has taken place.

Spot the Main Event:

Injective Volan Mainnet Upgrade Launch. Injective has released its largest mainnet upgrade to date, Volan, ushering in a new age of RWAs, institutional adoption, scalability, and Web3 finance. With the upgrade, the Injective ecosystem can begin to grow faster than ever before with dApps launching on-chain that would not be possible anywhere else. A few highlights of Volan: The First Ever RWA Module Interoperability Expansion Enhanced Enterprise Grade Scalability New Exotic Oracle Feed Design Token Economics Optimizations Token Burn Enhancements Also it has support of binance

Freelancer , Copy Writer and Crypto lover

Spot the Main Event:

The price pump is due to the recent news about the burning of the token that will begin in few hours time, about 6 million worth of the token will be burned. This news will trigger many investors and community members to buy more of the token because the burning will lead to a higher surge in price than this ongoing pump

Spot the Main Event:

The upcoming 6 million INJ token burn significantly reduces the total supply of INJ tokens. This basic principle of supply and demand suggests that with fewer tokens available, the remaining tokens could become more valuable, driving the price up

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.