Over 6 million $INJ tokens will be burned by next week
According to Odaily, Injective has announced that over 6 million $INJ tokens will be destroyed by the end of next week. The announcement was made on the X platform, where the company shared its plans for the future of token burning.
Token burning is a common practice among cryptocurrency companies. This involves a constant withdrawal of tokens from circulation, which can help reduce the total supply and potentially increase the value of the remaining tokens. However, the impact of token burning on the market value of cryptocurrency is not always predictable and may depend on a number of factors.
This is not the first time Injective has burned its tokens. The company has a history of conducting token burns as part of its INJ token supply management strategy. However, the upcoming burn of over 6 million tokens is one of the largest the company has planned to date.
The announcement sparked interest among the cryptocurrency community, with many speculating about the potential impact of the token burn on the value of INJ. However, until the incineration is completed and the market has time to react, the true impact of this move remains to be seen.
