Injective

INJ powers Injective, a chain built for trading: 100M coins are counted as circulating, all unlocked. New INJ pays stakers; a monthly auction burns some.

Sell pressure. Staking pay is the only new supply: 1.07M INJ in 90 days, about 3.6% a year. Nothing vests, and team wallets already count as circulating.

Buy pressure. Four buyback rounds burned 125,345 INJ — about 12% of what was created.

Net. Net, supply grows about 0.95% in 90 days, and about 1.03% next.

Inflation

Last 90 Days

+0.95%

checked · Oct 5 2026

Net flow: 0.95% of supply goes to market over 90 days

Next 90 Days

+1.03%

estimate

Net flow: 1.03% of supply goes to market next 90 days

Supply growing · projected to keep growing

monitor gap · The monitor reads +0.06% and we read +0.95%. The INJ count it reads stays at 100M every day, the fixed size of the original Ethereum token, so it never sees coins made on Injective itself. On-chain, stakers were paid 1,074,521 new INJ between Jul 7 and Oct 5 2026, and four buyback rounds burned 125,345 INJ. Our number stays.

Upcoming · Next 90 Days

Community BuyBack burn~−22.5K INJ
Oct 28 2026 · burned (size set in dollars)
Community BuyBack burn~−22.5K INJ
Nov 25 2026 · burned (size set in dollars)
Community BuyBack burn~−22.5K INJ
Dec 23 2026 · burned (size set in dollars)

Sell pressure

1. Protocol inflation

~1.07M INJ

Every block pays stakers brand-new INJ. The rate sits at its 4.4% ceiling because only 47.5% of INJ is staked, below the 60% goal, but blocks come every 0.61 seconds instead of the 0.5 the chain plans for, so the real rate is about 3.6% a year. That made 1,074,521 INJ in these 90 days. About 12.2M INJ also moved from Ethereum onto Injective in late July; that only changed where the coins live, but it raised the base the rate is paid on, so the next 90 days print about 1.10M.

checked · Oct 5 2026

2. Vesting unlocks

Nothing is left to vest. The team, investor and ecosystem allocations finished their schedule on Jan 20 2024, and unlock trackers list INJ as fully unlocked.

permanent · no change

3. Foundation + unscheduled unlocks

No locked pile is left outside the market count. Tracked holders: the on-chain community pool (16,722 INJ, filled by 5% of the new coins and paid out to market makers by vote), the buyback contract holding committers' INJ (14,796), its helper wallet (321), and Foundation wallets with no published address. All of these coins already count as circulating, so moving them adds nothing new.

checked · Oct 5 2026

4. Long-term locked or bankruptcy

No estate, trustee or long lock is paying INJ out. Companies holding INJ bought it on the open market, so those coins were already in the float.

checked · Oct 5 2026

Buy pressure

1. Programmatic buyback

~125.3K INJ

Once every four weeks, holders commit INJ, receive a basket of the chain's fee income, and the committed INJ is burned. Four rounds closed in this window: Jul 8 (43,500), Aug 5 (27,400), Sep 2 (25,200) and Sep 30 (29,246) — 125,345 INJ destroyed, worth about $683K when burned. The rounds are sized in dollars, so at today's higher price the three rounds due by Jan 3 2027 burn about 67,600 INJ.

checked · Oct 5 2026

2. Protocol fee burn

Gas is not burned. Trading fees flow into the monthly buyback basket above instead of being destroyed directly, and supply read at both ends of short stretches shows no other burn.

checked · Oct 5 2026

3. Foundation buy

No announcement or on-chain flow this window shows the Foundation or a project treasury buying INJ. Buying by listed companies and funds is open-market and stays inside the float.

checked · Oct 5 2026

4. New long-term lock

58.52M INJ is staked, with 2.15M more unbonding. Staked INJ still counts as circulating and can leave in 21 days, so it takes nothing out of the float.

checked · Oct 5 2026

Supply check · sell, buy & net

Last 90D

Next 90D

Sell total (M INJ)

1.075

1.101

Buy total (M INJ)

0.125

0.068

Sell % of circ

+1.075%

+1.101%

Buy % of circ

+0.125%

+0.068%

Net inflation %

+0.949%

+1.034%

Circulating supply: 100.000M INJ

Read the full Inflation Analysis

INJ: new coins for stakers every block, and a monthly burn that covers only a slice.

Long-form mechanism walk. ~5 min.

Metric 2 of 3

INJ · Coin Demand

Two sides: how much people want INJ right now, and how much buying could come later.

3.5 / 5Strong

Current demand2 / 2.5

This part is based on social media. It shows how hot INJ is right now. A better rank means more people are talking about it.

INJ on social mediaIts rank among the 110 coins we follow · last 12 months · #1 = most talked about

#24 · Oct 5 2026

Today, people are talking about INJ for two reasons:

1
Injective's boss expects US INJ funds before 2027.
In early October 2026 Injective CEO Eric Chen said he expects US exchange-traded funds holding INJ to launch before 2027. The filings are moving: Canary updated its Staked INJ ETF filing on Sep 24 2026 and 21Shares updated its Injective ETF on Sep 18 2026. People ask when the US regulator will decide, and how much INJ these funds could lock up.
2
The Injective Foundation started a new reward pot called the Trench Treasury.
The Trench Treasury was announced on Oct 5 2026 and sent its first INJ rewards on Oct 6 to two community projects, Sprout and RunUp. It backs small teams building around INJ and rewards loyal users, but its total size and the amounts paid have not been shared. People ask how big it is and whether it will bring new users or just more INJ to sell.

Checked Oct 10 2026

Metric 3 of 3

INJ · Price DriversBeta

The few things that can move INJ's price that supply and demand miss.

1 · US INJ ETFs

New

ETF launches, new buyers → price upnowDelayed or denied → price down

Jul 17 2025Canary files staked ETF
Oct 20 202521Shares files spot ETF
Nov 19 2025SEC opens proceedings
Mar 9 2026Cboe pulls rule filing
Sep 18 202621Shares amends S-1
Sep 24 2026Canary amends S-1 again
Today
Before 2027 (CEO view)First US INJ ETF?

Two US INJ ETFs updated filings; CEO expects launch before 2027.

Data

Date	What happened / what is coming
Jul 17 2025	Canary files staked ETF
Oct 20 2025	21Shares files spot ETF
Nov 19 2025	SEC opens proceedings
Mar 9 2026	Cboe pulls rule filing
Sep 18 2026	21Shares amends S-1
Sep 24 2026	Canary amends S-1 again
Before 2027 (CEO view)	First US INJ ETF? (coming)

Checked Oct 10 2026

2 · Pineapple INJ pile

Quiet

Keeps adding INJ → price upnowSells or gets liquidated → price down

INJ held

Holds about 7.7M INJ; most is pledged as loan collateral.

Data

Date	INJ held
Nov 30 2025	1,002,651 INJ
Feb 28 2026	7,211,296 INJ
May 31 2026	7,561,000 INJ
Jul 20 2026	7,746,789 INJ

Checked Oct 10 2026

Should you buy INJ? Questions about INJ

Is it a good time to buy Injective today?

Supply and demand point to a mixed long-run signal for Injective (Oct 11 2026, score 6/10). Injective adds +1.03% new supply in 90 days, and demand reads strong (3.5/5). Injective's price drivers: 2 ▲ price up, 0 ▼ price down.

Is a US Injective ETF likely to launch soon?

Possibly before 2027. Two US INJ ETFs have updated their filings, and Injective's CEO expects a launch before then, but no date is set as of Oct 10 2026. We count it as a plus while new supply stays moderate, +1.03% in 90 days. Our supply-and-demand read for Injective stays mixed.

Is Injective dead, or do people still want it?

Far from dead on our numbers. Demand reads strong at 3.5/5 on Oct 10 2026, and both of Injective's price drivers point up. Supply is the softer side, growing about 4.17% over the next year. Our supply-and-demand read for Injective stays mixed.

Could Injective ever hit $100?

Injective trades near $7.58 (Oct 11 2026). $100 a coin means a $10B market cap, 13 times today's $758M. Injective's supply also grows +4.17% in the next year, so every extra coin needs buyers too. That leaves Injective's long-run signal at mixed, by supply and demand.

Is it time to take profit on Injective?

We would read Injective differently if new supply keeps arriving (+1.03% in 90 days), or demand falls from strong. Until then Injective's signal stays mixed. Mark this date for Injective: Before 2027 (CEO view) — First US INJ ETF?.

Is Injective a good investment right now?

Injective scores 6/10 on our framework (Oct 11 2026): supply 2.5/5 (moderate), demand 3.5/5. Over the next year Injective's supply changes +4.17%. The long-run signal is mixed.

How do I know when to buy Injective?

Supply and demand favor Injective most when little new supply is coming, demand is strong and the price drivers point up. Right now Injective has +1.03% new supply in 90 days (moderate), demand strong (3.5/5), drivers 2 ▲ / 0 ▼.

Will Injective go up in 2026?

Injective's price drivers today: 2 pointing up, 0 pointing down, out of 2. ▲ US INJ ETFs: Two US INJ ETFs updated filings; CEO expects launch before 2027. ▲ Pineapple INJ pile: Holds about 7.7M INJ; most is pledged as loan collateral.

Should I buy Injective or Bitcoin?

Injective: mixed signal, 6/10 · Bitcoin: positive signal, 8.5/10 (Oct 11 2026). By supply and demand, Injective reads weaker than Bitcoin today.

Every answer here applies basic economic theory — the law of supply and demand — to this coin's data. It is not financial advice. How we read every coin →

How does MrNasdog judge every coin, and why is +1.03% shown in red?

We look at two things, half each: supply and demand. Fewer new coins mean less selling pressure. A meme coin scores 1.5 at most on supply: its team got its coins for free, so no new supply does not make it safe. We also show each coin's age, with a warning when it is younger than 1 year. Demand looks at how much people want the coin now and how much buying could come later. Price Drivers (Beta) are the 2 or 3 things that can move one coin's price that supply and demand miss; they have no score. INJ supply grows +1.03% in the next 90 days, so it shows in red: more INJ reaches the market than is removed. Zero or falling supply is always green, any growth is red.

What do Watch INJ alerts cover?

One email before each big supply event, and the day our verdict changes. Nothing else. You can watch 2 coins for free.

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Injective

Supply ↘

Demand ↘

Price Drivers ↘

Coming next

Current demand2 / 2.5

1 · US INJ ETFs

2 · Pineapple INJ pile

Should you buy INJ? Questions about INJ

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