Kin Cryptocurrency is Up By +150% | Know Why |
By Nilesh Hembade 20-July-2023 8:55 AM GMT
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Introduction:
In the volatile world of cryptocurrencies, one digital asset has been making headlines with its remarkable performance. Kin cryptocurrency ($KIN) has seen an impressive surge of +150% in the last 30 days, and an astonishing +101.0% increase in just the past 7 days. At the time of writing, $KIN is trading at $0.00001484, and its market capitalization has reached $32 million.
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What is Kin?
Kin is a decentralized cryptocurrency that was purposefully designed to seamlessly integrate into mobile and web applications. It boasts a unique built-in incentive model that rewards developers for encouraging greater usage of their apps.
Apps developed with Kin receive compensation for delivering captivating user experiences based on cryptocurrencies. This novel approach leads to shared economic benefits for both users and developers, thereby creating a thriving ecosystem.
Originally launched in 2017, Kin operated as an ERC20 token on the Ethereum blockchain. However, with the aim of achieving faster and cost-effective transactions, the Kin team successfully migrated to the Solana blockchain. This migration has allowed Kin to support consumer-scale applications, facilitating rapid and frictionless transactions with minimal to no fees.
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Factors behind Kin's Bullish Run
Several factors have contributed to the recent bullishness of Kin cryptocurrency. Notably, a groundbreaking proposal has been introduced to reduce the total supply of Kin by a staggering 70%. This reduction is expected to be achieved through a burn of the outstanding Kin reserves and the burning of 70% of Kin held by Kik, a prominent player in the Kin ecosystem.
A proposal has been made to reduce the total supply of Kin by 70%. This reduction would come from a burn of the outstanding Kin Reserves and Kik burning 70% of its Kin.
— Kin Ecosystem ⬢ (@Kin_Ecosystem) July 6, 2023
You can read the full proposal - which includes instructions on how to vote - here: https://t.co/mkmBa7fxcC https://t.co/ldsrK2Z530
The proposed supply reduction strategy has been met with enthusiasm and anticipation within the cryptocurrency community. Investors and enthusiasts are optimistic that this move will effectively control inflation and potentially lead to increased scarcity of Kin tokens, driving demand and thereby boosting its value.
Moreover, the migration to the Solana blockchain has played a significant role in enhancing Kin’s capabilities, offering a more robust and scalable infrastructure for the ecosystem to flourish. As a result, developers and users alike are finding Kin to be an attractive choice for cryptocurrency-based transactions and experiences within mobile and web applications.
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The Future Of Kin
With the recent surge in its value and the proposed supply reduction plan, the future of Kin cryptocurrency appears promising. However, it is essential to remember that the cryptocurrency market is highly volatile and subject to rapid fluctuations. Investors and users are advised to exercise caution and conduct thorough research before making any investment decisions.
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Conclusion
Kin cryptocurrency ($KIN) has experienced an impressive surge of +150% in the last 30 days and +101.0% in the last 7 days. This remarkable growth can be attributed to a proposal to reduce its total supply by 70% and its successful migration to the Solana blockchain.
As Kin continues to incentivize developers and users, its innovative approach may pave the way for broader cryptocurrency adoption in mobile and web applications. However, caution should be exercised due to the inherent volatility of the cryptocurrency market.
Disclaimer:
Consult your financial advisor before making any decisions because Investing in digital assets is extremely risky. Digital asset prices are subject to high market risk and price volatility. No information on this website is intended to be a solicitation or an offer.
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