Binance, a leading global cryptocurrency exchange, has affirmed its commitment to supporting the upcoming upgrade of the Injective (INJ) network. In a recent announcement, Binance conveyed its plan to temporarily halt the deposits and withdrawals of INJ tokens to facilitate a smooth transition during the upgrade process.
This suspension is set to commence on January 11, 2024, at around 4:00 p.m. (UTC). The upgrade itself is scheduled to take place at block height 57,076,000, expected around 17:00 on the same day. Throughout this upgrade window, users will be unable to deposit or withdraw INJ tokens. However, Binance has assured users that trading INJ tokens on the platform will remain unaffected.
This strategic decision aims to ensure continuous market activity for investors during the upgrade. With its well-known commitment to user experience and security, Binance will handle all technical aspects related to the upgrade on behalf of its users. The exchange has committed to reopening deposits and withdrawals for INJ tokens once it deems the upgraded network stable and secure.
Amidst these developments, the price of INJ has experienced an uptick. The Injective Protocol, represented by the native token INJ, is renowned for its decentralized and interoperable structure, facilitating seamless trading across different blockchain networks. This network upgrade is anticipated to bring significant improvements to the Injective Protocol, enhancing its capabilities within the DeFi ecosystem.
At present, the market data shows INJ priced 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, with a live market cap of $3,493,606,864 and a circulating supply of 83,755,556 INJ coins. The Injective ecosystem is poised for growth with the imminent launch of approximately 3.66 million tokens valued at around $132.4 million, marking a pivotal transition for Injective from its initial distribution phase to a more dynamic market setting. Observers and investors are keenly watching how these developments will impact Injective’s adoption and overall growth.
