BREAKING: Injective Burns 12.2K INJ, Nearing 6 Million Cumulative Burn
CryptoNewsTerminal Staff06 Jun, 2024
BREAKING: Injective Burns 12.2K INJ, Nearing 6 Million Cumulative Burn
Injective, a Cosmos-based Layer 1 blockchain project, has burned 12,266 INJ today, worth approximately $320,000. The burn announcement was made via the project’s official Twitter handle today, with a follow-up tweet revealing that its cumulative burn amount is expected to hit 6 million INJ next week. At press time, INJ is trading at $26.19, up 1.56% in the past 24 hours, according to CoinMarketCap. The recent burn is part of Injective’s regular token burn program, aimed at reducing the circulating supply and increasing the value of the remaining tokens. Injective is a decentralized exchange (DEX) protocol that has gained traction in recent months due to its unique features and focus on cross-chain interoperability. The platform allows users to trade various cryptocurrencies, including Bitcoin and Ethereum, with low fees and fast transaction times. The INJ token is used for staking, governance, and transaction fees on the Injective platform. By burning a portion of the circulating supply, Injective aims to make the token more scarce and increase its value for holders.
