INJ Gains Traction as Injective’s Treasury Attracts More Interest
On Tuesday, Sept. 2, INJ’s price climbed by 3.6%, fueled by enthusiasm over the Injective Digital Asset Treasury’s progress. This treasury aims to boost the INJ token. However, despite the positive movement, INJ might face near-term challenges due to a rising wedge pattern on its daily chart.
INJ reached $12.90, marking over a 4% rise from its weekly low. Yet,it’s still roughly 60% down from its peak last November. The surge in price aligns with updates on the newly launched Injective Digital Asset Treasury, backed by $100 million in assets.
The treasury has drawn attention from big players like FalconX, Monarq, and Canary Capital. These firms oversee more than $30 billion in assets.All profits from the treasury will be used exclusively to buy INJtokens on the market.
- Inj Launches $100 Million Digital Treasury supported by Major Firms
- Potential for a Spot Injective ETF Could Generate More Demand
- Though, Injective Remains Relatively Small in Crypto Industry
The rise in INJ’s price also reflects growing interest in a possible spot Injective ETF. The SEC has commenced a comment period for this ETF, hinting at increased demand prospects.
nonetheless, Injective faces hurdles.According to DeFi Llama, the network’s total value locked stands at only $80 million, lesser than 2024 figures. Daily trading volumes remain modest compared to leading crypto platforms.
On the technical front, the daily chart indicates a rising wedge formation, suggesting a possible bearish outcome. Though, there’s still room for an upward retest to $16.46.This scenario highlights the importance of monitoring upcoming developments closely.
