Binance, one of the world’s leading cryptocurrency exchanges, has revealed its commitment to supporting the upcoming upgrade of the Injective (INJ) network. In a recent announcement, Binance informed users that it will temporarily suspend deposits and withdrawals of INJ tokens to ensure a seamless transition during the upgrade process.
The suspension is scheduled to commence on January 11, 2024, at approximately 4:00 p.m. (UTC). The upgrade itself will be implemented at block height 57,076,000, expected to occur around 17:00 on the same day. During the upgrade period, users will not be able to deposit or withdraw INJ tokens. However, Binance assures its users that the trading of INJ tokens on the platform will not be affected.
This strategic move aims to ensure continuous market activity for investors during the upgrade. Known for its unwavering commitment to user experience and security, Binance will take charge of all technical aspects related to the upgrade on behalf of its users. The exchange has pledged to reopen deposits and withdrawals for INJ tokens as soon as it deems the upgraded network stable and secure.
INJ Price Sees Uptick
Injective Protocol, the decentralized finance (DeFi) platform represented by the native token INJ, is recognized for its decentralized and interoperable structure, allowing users to trade seamlessly across different blockchain networks. The blockchain, designed specifically for financial applications, powers various DeFi functionalities such as decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
Market analysts anticipate that this network upgrade will bring significant improvements to the Injective Protocol, enhancing its capabilities and performance within the DeFi ecosystem. As of the latest market data, the current price of INJ stands at $41.65, reflecting a 6.75% increase in the last 24 hours. The 24-hour trading volume has surged by 49.50%, reaching $422,975,496.
INJ currently holds the 28th position on CoinMarketCap, boasting a live market cap of $3,493,606,864. With a circulating supply of 83,755,556 INJ coins, the cryptocurrency is looking to gain further momentum in the market. Meanwhile, the Injective ecosystem is poised for notable growth as it anticipates the imminent launch of around 3.66 million tokens.
Valued at approximately $132.4 million, these tokens account for a substantial 4.35% of the existing supply, and their release is anticipated to significantly influence Injective’s market dynamics. This pivotal moment in Injective’s journey marks a substantial transition from its initial distribution phase to a more dynamic market setting. Observers within the crypto community and investors are closely monitoring how this progression and the Injective Protocol upgrade will impact Injective’s adoption and overall growth.
