Injective Protocol to Hold Token Burn

Name: Token Burn
Start: 2024-06-06T00:00:00Z
End: 2024-06-07T00:00:00Z

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Injective Protocol has reported a steady increase in the size of its token burn auctions. As of May 6th, 12,266 tokens have been permanently removed from circulation. The company anticipates that by next week, users of the platform will have burned a total of 6 million INJ tokens.

Event date: June 6, 2024 UTC

What is coin (token) burn?

A coin (token) burn is a process of sending a certain amount of cryptocurrency to a public address that has unobtainable private keys. In the future, the sent coins cannot be spent, thus the coin burn leads to an overall decrease in the cryptocurrency circulating supply.

Injective 🥷
@Injective_

$INJ token burn auctions are steadily increasing in size.

12,266 tokens were burned forever just today. By next week Injective users will have burned 𝟔 𝐌𝐢𝐥𝐥𝐢𝐨𝐧 INJ to date 🔥

More usage = More protocol revenue = More INJ burned

INJ Price Changes After Event Publication

INJ Events on the Chart

10.88%

1 day

7.35%

2 days

26.65%

Now (Added 6 months ago)

The event is about to begin