Injective (INJ) could rise 90% with approval of new proposal, says analyst

Cryptocurrency analyst Ekta Mourya is optimistic about the appreciation potential of the Injective token (INJ) following a proposal to reduce its inflation. Mourya predicts a significant rise in the price of INJ, driven by the expectation of making the token more scarce and valuable.

According to the analyst, with the proposal approved and, if Bitcoin remains at current support and resistance levels, the tendency is for INJ to register a rise that could reach 90% of its current price.

“Injective is moving towards becoming a more deflationary asset, which could attract investors looking for crypto assets with long-term prospects,” commented Mourya.

The proposal in question seeks to reduce the INJ inflation rate, making it deflationary. This involves implementing measures to reduce the issuance of new tokens on the network. To date, the proposal has received broad support from the community, with 99% of stakers and validators voting in favor.

Injective (INJ) Review

For Mourya, this change in token issuance policy could have a significant impact on the value of INJ. “By making the token more scarce, we are essentially increasing its relative demand, which could lead to significant appreciation in the long term,” explained the analyst.

Injective is a layer-one blockchain that hosts several decentralized finance (DeFi) applications. His proposal to reduce inflation is a strategic move to attract more investors. Furthermore, it aims to strengthen its position in the cryptocurrency market.

The proposal has already been reflected in the price of the token. After all, INJ is on the rise, registering an increase of more than 2% in the last 24 hours and accumulating a 15% increase in the last 7 days.

Currently, since its historic low of US$0.6574, recorded on November 3, 2020 (more than 3 years), the price of the token has already risen 4,209.14% but has not yet surpassed its historic high of US$52.64 , which indicates that, according to the analyst, there is still at least 46% room for a short-term increase.