Injective Integrates Fetch.ai And ASI: Why Is INJ Down?
31 Octobre 2024 - 8:30PM
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Injective, the DeFi-centric protocol, has recently made major
moves. Besides boasting of high throughput and low fees while
protecting traders from maximal extractive value (MEV) bots, the
platform has been striking key partnerships. Injective Integrates
With Fetch.ai And ASI This week, the proposal by Fetch.ai and the
Artificial Superintelligence Alliance (ASI) community to integrate
Injective was passed synonymously. The proposal passed with 100% of
the votes agreeing with the move. Related Reading: Bitcoin Price
Forecast: Analyst Says Expect 98% Crash After Blow Off To $250,000,
Here’s Why Looking at voting data, over 324 million FET voted to
endorse the idea, with only 656 FET rejecting it. No one voted to
abstain or veto. Voting started on October 23 and ended five days
later on October 28. According to the proposal, the goal is to
revive the expired IBC client for Injective under “Revive expired
IBC client for Injective.” In this way, Fetch.ai, now part of the
ASI Alliance, can harness the power of AI within the sprawling
Injective DeFi ecosystem. This arrangement will allow Fech.ai, an
AI-centric platform, to directly plug its machine learning and AI
capabilities into the Injective platform. Out of this, users will
benefit from streamlined and leveraged AI-enabled tools when
trading. The team also said they would benefit from improved
liquidity management and asset allocation. Even with this deal,
Injective and ASI will continue operating independently. The
integration isn’t a merger but an Injective tapping into ASI’s AI
capabilities. Why Is INJ Down? Bullish as this may be, INJ prices
ticked lower, looking at the events in the daily chart. Injective
bulls have yet to reverse losses posted on October 25
comprehensively. Accordingly, despite the series of higher highs
over the weekend and in the first half of the week, sellers are in
control. So far, INJ is down 20% from October highs and continues
consolidating inside a $10 zone. Clear resistance is around $25,
while support is at $15. If the bulls of Q1 2024 flow back,
momentum will likely pick up once buyers break above the $25 level,
preferably with increasing engagement. Related Reading: Bitcoin
Consolidates Near ATH – Volume Suggests A Big Move Ahead Besides
improving crypto sentiment and rising total value locked (TVL)
across DeFi, INJ could benefit from Injective’s core feature. The
protocol has the highest revenue-to-fully diluted valuation (FDV)
ratio, even better than Ethereum. The high metric translates to
Injective boasting of an efficient revenue generation mechanism
that could further boost prices. Feature image from iStock, chart
from TradingView
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