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INJ to USDT Converter
1 INJ = 7.7378 USDT · updated 06:22 UTC
Volume Bubbles Chart (1h)
Each 1-hour candle's volume is signed by its direction (up candles count as net buying, down candles as net selling) and drawn as a bubble at the closing price, green for buying and red for selling. Bubble size and colour intensity show how strong that flow is compared with the last 300 candles: the strongest 30% get full bubbles with their USD value, the rest stay as small dots. Unusually large bubbles flag aggressive buying or selling worth a closer look, often near breakouts, reversals or key levels.Seasonal Chart
Plots one line per calendar year showing the % change since the start of that year, with the current year highlighted against up to four previous years. Lining the years up on the same calendar shows whether the price tends to rise or fall in the same months, helping you spot recurring seasonal patterns. Treat it as context rather than a forecast: past seasonality does not guarantee future moves.Injective Markets
Injective Historical Data
About Injective (INJ)
Injective (INJ) is a layer 1 blockchain built for finance apps such as exchanges and derivatives markets. It is built with the Cosmos SDK, uses proof-of-stake and runs both WebAssembly and Ethereum-style (EVM) smart contracts. INJ is staked to secure the chain, used to vote on governance and spent within its apps. The INJ quotes shown here are FMchart's composite, which pools several exchanges into a dollar rate.
Built for on-chain finance
Injective's mainnet went live on 8 November 2021. Its founders, Eric Chen and Albert Chon, first experimented on Ethereum, then decided that advanced finance apps needed a dedicated chain. They built on Cosmos and added features such as on-chain order books and infrastructure for derivatives. At its start, the project joined the first cohort of the Binance Labs incubation program.
Native EVM and MultiVM
On 11 November 2025, Injective launched native EVM support on mainnet. Builders can deploy apps in WebAssembly or EVM while sharing the same assets and liquidity, a setup Injective calls MultiVM. The network reports block times of about 0.64 seconds and fees as low as $0.00008. More than 30 apps and infrastructure providers went live with the upgrade. During testing, the EVM testnet handled over 5 billion transactions from more than 300,000 wallets.
How INJ supply changes
INJ began with 100 million tokens at its token generation event in October 2020. New INJ is minted for stakers at a rate that adjusts block by block toward a target share of staked tokens. The INJ 3.0 upgrade in April 2024 began narrowing the allowed range of that rate every quarter. The bounds started at 5% and 10% a year, with a schedule to tighten them to 4% and 7% by the second quarter of 2026. Burns remove tokens at the same time, so total supply can rise or fall.
From burn auctions to the Supply Squeeze
From December 2021, weekly burn auctions used a share of exchange fees to buy and burn INJ. Those auctions removed about 6.78 million INJ, roughly 7% of the original supply. In October 2024, a Community BuyBack replaced the auction model. Participants commit INJ, receive a share of ecosystem revenue, and the committed INJ is burned. In January 2026, stakers approved IIP-617, the INJ Supply Squeeze, which lowers issuance and is designed to double the rate of supply reduction.
What could weaken the model
Burns depend on revenue from apps on Injective, so lower trading activity means fewer tokens removed. Many other chains compete for the same finance builders and traders. Plans for falling supply are goals, not guarantees, and governance can change the rules again. INJ has also seen large price swings since it began trading in 2020.
Last reviewed: Oct 8, 2026
Injective (INJ) FAQ
What is Injective (INJ)?
Injective is a proof-of-stake blockchain built with the Cosmos SDK for finance apps like exchanges and derivatives. It runs both WebAssembly and EVM smart contracts. INJ is staked to secure the network, used for governance votes and burned through community buybacks funded by ecosystem revenue.
Who founded Injective?
Injective was founded by Eric Chen and Albert Chon, who set up Injective Labs. The project joined the first cohort of the Binance Labs incubation program, and its mainnet launched on 8 November 2021. The founders chose to build on Cosmos to support order books and derivatives on-chain.
Is INJ deflationary?
It can be, but that depends on activity. New INJ is minted to reward stakers, while community buybacks burn tokens using ecosystem revenue. The January 2026 Supply Squeeze cut issuance to tilt that balance toward net reduction, but supply only shrinks when burns outpace new tokens.
What is Injective's price today?
INJ is going for about $7.725 on FMchart's composite, a single dollar rate assembled from several exchanges. In the last 24 hours, roughly $21.70M of INJ traded across the exchanges in FMchart's composite. Each exchange reports its own last trade, which may not line up exactly.
How much INJ is in circulation?
About 100,000,000 INJ are in circulation, compared with the 100 million created at the 2020 token generation event. The figure moves as staking rewards add tokens and buybacks burn them. At the current price, Injective's market cap is about $772.5M, ranking it 85.
What is INJ's all-time high?
Market data records INJ's all-time high as $52.62, set on Mar 14, 2024. INJ has at times traded at a fraction of that peak, and earlier highs are no basis for predicting later ones. Its all-time low, and how far today's price sits from each extreme, appear in the Price Statistics panel.
How has INJ performed over past months?
In FMchart's composite price history (since September 2022), INJ's biggest monthly rise came in January 2023 (+147.4%) and its biggest fall in December 2024 (-37.2%). Month-by-month data are in the Monthly Returns (USD) table, and quarter-end levels are in the Quarterly Closing Price (USD) table. Such results are a record, not a forecast.
What is the Injective Community BuyBack?
The Community BuyBack is a monthly program in which participants commit INJ and receive a pro rata share of revenue from across the Injective ecosystem. The committed INJ is then permanently burned. It replaced the older burn auction in October 2024 and works alongside the 2026 Supply Squeeze.
Is Injective a good investment?
Only you can weigh that, and FMchart gives no investment advice. Injective has a finance-focused design, native EVM support and a burn model tied to revenue. But it faces strong competition and depends on app activity to keep burns large. INJ's price has been very volatile.
What affects the INJ price?
INJ tends to follow the broader crypto market. Injective-specific drivers include trading activity on its apps, the size of monthly buyback burns and staking levels that set new issuance. Governance changes such as the Supply Squeeze and developer adoption of its EVM also matter.