Injective has announced the launch of a new Revenue Fund aimed at accelerating ecosystem development amid a decline in the INJ token price.
About the Revenue Fund
On June 26th at the NYC Summit, Injective announced the creation of the Revenue Fund. This fund is designed to accelerate ecosystem development, increase on-chain revenue, and enhance the deflationary mechanics of the INJ token. Specific implementation details are yet to be revealed, but the fund is expected to support ecosystem expansion, builders, and dApps, enhancing user activity.
Current Situation of the INJ Token
The price of INJ recently fell below a critical support level following the confirmation of a bearish head and shoulders pattern on the daily chart. On June 22, the price dipped to an intraday low of $8.95, testing a horizontal support zone established in early May. The current price is hovering just below the broken neckline around $11.20.
Token and Market Prospects
The price dynamics continue to reinforce the bearish outlook; however, selling pressure has seemed to weaken slightly. If the price reclaims the neckline and closes above $11.30 - $12.00 with strong volume, the bearish scenario may weaken. In this case, a potential rise to $14.30 can occur, which is noted as the peak of the right shoulder.
The launch of the Revenue Fund could be a significant step for Injective amidst current market challenges. Successful implementation of this fund, coupled with a price recovery, may positively influence further ecosystem development.
