Welcome to Extreme Investor Network, where we provide you with the latest information and insights on the stock market, trading, and all things Wall Street. Today, we will be discussing the recent performance of INJ/USDT compared to BTC/USD and ETH/USD.
Injective Protocol’s token burns are a key factor to consider, as they occur following a weekly auction. These burns involve sending 60% of trading fees collected in INJ to a dormant address, making the token deflationary in nature. While not all token burn events result in price rallies for INJ, this time there are additional bullish catalysts at play that have increased demand for the cryptocurrency.
One such catalyst is the Federal Reserve’s dovish outlook, which has boosted Injective Protocol’s gains. Following the Fed’s two-day policy meeting on June 12, officials revised their expectations for interest-rate cuts in 2024, reducing them from three to one. However, they have left the possibility of one more reduction open, depending on U.S. inflation levels.
Chair Jerome Powell emphasized the committee’s careful consideration of risks and highlighted a split among officials in terms of rate cut expectations. While seven officials anticipated one rate cut this year, eight saw two, and four expected none.
These developments have contributed to the recent momentum in INJ prices, making it an asset to watch for traders and investors alike. Stay tuned to Extreme Investor Network for more updates and insights on the stock market and trading trends.