Injective (INJ) Price Surges 13% Following Governance Proposal Approval Amid AI Coin Hype
Key Points:
- Injective (INJ) price increased by 13% after passing a significant governance proposal.
- The proposal aims to reduce INJ’s circulating supply, boosting its deflationary potential.
- INJ Futures Open Interest rose by 20%, indicating bullish market sentiment.
Injective (INJ) emerged as a top gainer today, surging by 13% following the approval of a major governance proposal linked to the next phase of the INJ 3.0 upgrade. This milestone has drawn heightened investor attention, especially amid the growing interest in AI-related cryptocurrencies such as Filecoin (FIL) and Fetch.ai (FET), which have also seen significant price gains.
Reasons Behind Injective’s Price Jump
The recently passed governance proposal focuses on reducing the token’s circulating supply, making INJ a more deflationary asset over time. The proposal, IIP-392, initially presented during discussions surrounding Bitcoin’s halving, received near-unanimous approval, with 99.99% of votes in favor.
Additionally, the broader market’s enthusiasm for AI-focused tokens may have further contributed to Injective’s rally. The rising interest in tokens like FET, which announced a 5 million token burn plan, underscores the growing appeal of AI-linked cryptocurrencies.
Future Outlook for Injective (INJ)
INJ’s price reached a 24-hour high of $26.33, with trading volume surging 134% to $263 million. The token has recorded a 25% weekly gain, with Futures Open Interest increasing by 20%, signaling strong bullish sentiment.
Market analysts speculate that the upward trend may continue, supported by growing global interest in technological advancements, particularly following Donald Trump’s re-election, which has reignited optimism in the tech and crypto sectors.
However, with the crypto market’s inherent volatility, it remains to be seen whether Injective can maintain this momentum or face potential price corrections in the near term.
