Injective burns 7.2 million tokens amid price volatility

Injective has burned more than 7.2 million INJ tokens through its Community BuyBack mechanism. This initiative uses monthly ecosystem revenue to fund token burns and participant rewards, creating a link between protocol activity and circulating supply dynamics.

Despite the burn milestone, the INJ token has experienced significant price volatility. As of October 22, 2026, the price dropped by 9.34% to $8.28. On-chain data indicates this decline was driven by increased net token deposits into centralized exchanges, signaling potential sell pressure. Analysts also noted that recent trading volumes appeared to be influenced by wash activity.