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KIN Token Surges Over 20% After Vote to Burn 70% of Supply Passes

Cryptocurrency token KIN’s price jumped over 20%, outperforming the wider market, after a community proposal passed Friday to burn trillions of tokens, marking a new fully decentralized era for the project. The token climbed to 0.000023 cents at press time. The tokens that will be burned come from the project’s reserves and the outstanding balance held by messaging app Kik Interactive. KIN, originally created in 2017 by Kik Interactive to monetize the messaging app, has a market cap of nearly $50 million. The proposal to burn the tokens comes more than a week after Ted Livingston, had introduced Code, which is built around KIN.

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