Injective (INJ) Plunge

Injective's 'supply squeeze' proposal was overwhelmingly approved with 99.89% of the vote. The plan aims to dramatically reduce the INJ token supply by doubling the token burn rate and cutting staking reward emissions in half. This aggressive deflationary upgrade complements the existing community buyback program, which has already removed over 6.8 million tokens from circulation. Despite the bullish tokenomics update, the price reaction was muted. INJ saw a brief 4% rally but gave back gains due to broader market pressures, including a Bitcoin dip. Futures market data showed persistently low demand and negative sentiment, indicating the update was overshadowed by macro conditions. It remains to be seen if the deflationary measures will significantly boost INJ's price long-term.

Amidst a fearful crypto market, Injective (INJ) stands out with a 3.7% price increase over 24 hours. After opening at a low of $2.96, it reached a high of $3.62 and is currently trading around $3.22. Trading volume surged over 525% to $191.43 million. Technical analysis suggests a potential climb towards the $3.32 resistance level, with further upside possible to $3.43 if bullish pressure continues. Support is seen near $3.12, with a break lower potentially leading to a drop to $3.01. Indicators present a mixed but cautiously optimistic picture: the MACD is in bullish territory but momentum is weak, the CMF shows selling pressure at -0.16, while the RSI at 58.50 and positive Bull Bear Power suggest buyers are currently in control.

Europe's second-largest corporate Bitcoin holder, Capital B, has secured €15.2 million (approx. $17.8 million) from a private share placement. The raise was notably backed by Blockstream CEO Adam Back and asset manager TOBAM. The company could potentially receive an additional $116.5 million if attached warrants are exercised. Capital B plans to use the funds, alongside operational revenue, to acquire around 182 more Bitcoin, bringing its total holdings to roughly 3,125 BTC, valued at approximately $237 million. This move stands in contrast to other corporate treasury firms that have been selling Bitcoin or setting up hedging programs amid recent market softness. Capital B shares rose about 4.25% following the announcement.