Injective Permanently Destroys Over 12,000 Tokens, Totaling 6 Million By Next Week
According to Odaily, Injective, a prominent blockchain platform, has announced the permanent destruction of 12,266 tokens today. By the end of next week, the total number of INJ tokens destroyed by Injective users is expected to reach 6 million.
The move is part of the platform's ongoing efforts to manage the supply of its native INJ tokens. The destruction of tokens, also known as 'burning', is a common practice in the cryptocurrency industry. It is used to control the number of tokens in circulation, thereby potentially increasing the value of the remaining tokens.
Injective has not provided further details about the reasons behind this large-scale token destruction. However, it is clear that the platform is taking significant steps to manage its token supply. The impact of this move on the overall value of INJ tokens will be closely watched by investors and market analysts.
Meme coins... they have come a long way, much further than I ever thought possible. To think that a meme would have such a financial impact is amazing to me. 🤯
Meme coins, such as Floki, have been outperforming the market by a long shot. That makes me think about how times really do change. 📈
I remember when $DOGE was new, the first meme coin of its kind. I don't think anyone in the space at that time thought it would be a good future investment, even me. 🤔
Until the last bull run, I had the idea that meme coins were just that: bad projects with good marketing. 🤦♂️
What I failed to understand is that for a project to be good, there needs to be a good community—people who love the project, love the idea—something like the new $NOT coin that has been all the rage in the past few weeks. ❤️
With that, seeing the profits that are being made, I cannot go further without admitting that maybe meme coins do actually have a place in an investment portfolio. 💰
Attention Traders ⚠️🚨 $NOT is showing strong bearish Trend price will fall!
Here is break down 👇 Below is the Graph of $NOT it was to 8 hours mark pay attention to the arrows on pic
The red arrow shows downtrend on MACD indicator and the yellow line of MACD indicator almost cross DEA(pink) line from top means Down trend, Also the DEA (pink)started to fall along MACD. But Don't worry the difference is still positive that means the trend is bearish but short term. Keep in mind it's just a short term dip Don't panic, This would be one of your favorite dips, because after it there will be stronge growth, why, will post about it tomorrow.
The yellow arrow shows high volatility region means anything can happen rapidly which was extremely risky state to open a long position, the volatility shows down trends as confirmed by three black Crows (a popular candle pattern showing bearish trend ) shown by green arrow.
This is assessment based on indicator and you should DYOR before taking any action
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