Injective has launched a new automated token burn mechanism powered by its AI agent technology.
The system, which went live this week, allows participants to participate in weekly INJ burns through simple text commands. The burn activity is conducted via the platform’s iAgent AI technology.
NOW LIVE: Automated burn auctions powered by iAgent 🤖
Participate in the weekly $INJ burn with simple text commands powered by Injective’s innovative AI powered agent.
Community powered token burns. Only on Injective. pic.twitter.com/cHGAxu26lW
— Injective 🥷 (@injective) December 2, 2024
Trading volume stays robust
Trading volumes have been in the healthy range, with its 24-hour volume reaching $594 million, signaling robust market participation and liquidity. Both daily and weekly chart patterns display bullish formations.
The recent surge has pushed INJ above the $3 billion market cap threshold. If INJ manages to sustain this level, it could turn the $30 level as the next potential support.
The introduction of AI-powered burn auctions represents a key step in Injective’s tokenomics strategy. This approach allows community members to directly participate in the token burn process, creating a more democratic and engaged ecosystem. The weekly burn schedule, facilitated by iAgent technology, establishes a predictable mechanism for supply reduction while maintaining community involvement.
Burn activities are generally carried out by projects that plan to reduce the circulating supply. This action helps in driving up demand as the supply reduces.
INJ price surges following launch
INJ has exhibited decent gains in different timeframes, with the price currently trading at $31.3 after a 13% surge in the last 24 hours. INJ’s momentum is particularly evident in its longer-term performance metrics, showing gains of 18.5% over seven days and an 84.9% monthly appreciation.
The token maintains strong trading activity within a seven-day range of $27.48 to $32.83, though it remains 38.9% below its March 14 all-time high of $52.62.
The current market structure suggests building momentum toward key resistance levels. Analysts have identified potential for further , citing favorable market conditions and increasing momentum.
$INJ – @injective is currently on an upward trajectory 📈 and gaining momentum.🚀 With the right market conditions, it could soar even higher!
We’re likely to see it hit three digits soon.
What’s your price target for $INJ? https://t.co/MPdVPkNM3b pic.twitter.com/4vabzXXytp
— Lucky (@LLuciano_BTC) December 3, 2024
Other analysts have emphasized the importance of the $33 resistance level as a potential trigger point for rapid appreciation toward $50.
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