INJ Price Soars 736%: Here’s Why It Could Dip 46%

• Injective Protocol’s token (INJ) has been on a strong bull run since December 2020, rising 736% since then.
• The network is running a hackathon and introducing liquid staking to attract more users.
• INJ has an APY of 16.2%, with over 35.2 million tokens bonded, and the recent proposal will help amplify liquid staking by incentivizing stINJ pool.

What Is Injective Protocol?

Injective Protocol is a DeFi-focused platform that seeks to revolutionize the finance industry through offering developers tools to build quality decentralized applications (dApps). With low transaction costs and faster speeds, it aims to disrupt the traditional finance sector.

Why Is INJ Price Rising?

The INJ crypto price has been in a strong bullish trend due to several key developments:
• The ongoing hackathon allows developers to submit projects for funding and mentorship from venture capital firms;
• Liquid staking of INJ tokens allows users to withdraw their tokens before the maturity period;
• Stride, a leading Lido DAO alternative for the Cosmos ecosystem, offers $25 million in total value locked (TVL);
• 57% of token holders voted in favor of liquid staking;
• Injective Protocol currently offers an annual percentage yield (APY) of 16.2%; and
• There are over 35.2 million bonded tokens on the platform.

Recent Development

The most recent development is a new proposal that will help amplify liquid staking by incentivizing stINJ pool on Astroport. This proposal was met with overwhelming support from token holders with 99% voting in favor of it.

Price Analysis

The daily chart shows that the INJ price has been in a strong bullish trend since February 2021, reaching its highest level since that date at $9.67 recently. Oscillators like RSI and Stochastic have become extremely overbought as buyers continue pushing prices higher amid increasing demand for the protocol.

Conclusion

Injective Protocol’s native token has seen remarkable success this year as demand grows for its DeFi-focused network and various developments take place on the platform like hackathons, liquid staking, high APY rates and more. With such impressive growth comes an increased risk of retracement as oscillators become extremely overbought but only time will tell where prices go next