Injective (INJ)
Finance-first L1 with aggressive burn mechanism and real derivatives volume. P/S ratio improving but TVL still modest vs valuation.
Ranked 34th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
INJ scores 139 of 250 across the 25-variable framework, which places it 34th of 251 rated tokens and inside the top quartile of the set. The framework verdict is CAUTIOUS HOLD.
INJ is a top-10 name in the set on 4 variables. The score rests on Real Staking Yield 7/10, 5th of 251, Buyback and Burn 8/10, 7th of 251, Developer Activity 7/10, 9th of 251 and Holder Concentration 5/10, 10th of 251.
100% of eventual supply is already circulating, so vesting is not a live risk for INJ. Price has to be justified by demand rather than absorbed against a cliff.
INJ trades 91.2% below its all-time high of $52.62. Recovering that level is a 11.4x move, not a 91.2% one, which is the arithmetic most drawdown charts hide.
The framework score gained 8 points against the previous pass (131 to 139). Revisions of this size follow a change in the underlying variables, not a change in price.
$95.0M sits in the protocol. Each dollar of value locked carries 4.90 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 5 | 37th of 251 | |
| Revenue Trend | 6 | 15th of 251 | |
| P/S Multiple | 5 | 38th of 251 | |
| Real Staking Yield | 7 | 5th of 251 |
Supply
| Supply Inflation | 6 | 43rd of 251 | |
| Vesting Schedule | 6 | 59th of 251 | |
| Circulating / FDV Ratio | 7 | 46th of 251 | |
| Buyback and Burn | 8 | 7th of 251 |
Ownership
| Smart Money Flows | 6 | 26th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 5 | 30th of 251 | |
| Active Users | 5 | 38th of 251 | |
| Developer Activity | 7 | 9th of 251 | |
| Network Growth | 5 | 52nd of 251 |
Position
| Market Share | 4 | 87th of 251 | |
| Competitive Moat | 3 | 175th of 251 | |
| Institutional Adoption | 4 | 71st of 251 | |
| Exchange Depth | 5 | 73rd of 251 | |
| Social Mindshare | 6 | 23rd of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 6 | 29th of 251 | |
| BTC Alpha Potential | 5 | 13th of 251 | |
| Team Execution | 7 | 12th of 251 | |
| Treasury Runway | 6 | 33rd of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Weekly INJ burn from protocol fees; derivatives DEX adoption from TradFi pairs
Principal risk
Small network relative to Solana; derivatives DEX market dominated by centralized venues
Market and supply
| Price | $4.65 |
| Market cap | $465.2Mrank 102 |
| All-time high | $52.6214 Mar 2024 |
| Circulating supply | 100,000,000 |
| Eventual supply (total supply) | 100,000,000 |
| Dilution to full supply | 1x |
| Total value locked | $95.0M |
| Listed on | Binance, OKX, Bybit, KuCoin |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to INJ measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [Injective Foundation] Injective burns INJ weekly from protocol fee auctions reducing supply
- [Injective Analytics] Injective processed over $30B in cumulative derivatives volume
- [Staking Rewards] INJ staking yields approximately 12-15% annuallylink dead, claim unverified
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 6 Aug 2026.
Common questions
- What is the Early Thunder score for Injective (INJ)?
- INJ scores 139 out of 250 on the 25-variable framework, ranking 34th of 251 rated tokens (top quartile). The framework verdict is CAUTIOUS HOLD.
- What are INJ's strongest fundamentals?
- INJ ranks highest on Real Staking Yield 7/10, 5th of 251, Buyback and Burn 8/10, 7th of 251, Developer Activity 7/10, 9th of 251 and Holder Concentration 5/10, 10th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- How much INJ supply is still to enter circulation?
- 100% of eventual INJ supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is INJ from its all-time high?
- INJ trades 91.2% below its all-time high of $52.62. Returning to that high requires a 11.4x move from the level used in this scoring pass.
- Which tokens have a similar profile to INJ?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to INJ are SNX (130), VELO (121), BANANA (135) and WOO (118). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for INJ?
- Weekly INJ burn from protocol fees; derivatives DEX adoption from TradFi pairs
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.