$INJ Injective is doing the right thing: repositioning itself from a “DeFi chain” to an “institutional-grade RWA settlement layer.” The Meridian upgrade, a new white paper, and three ETF applications in the pipeline—the direction is clear, and execution is underway.

But the issues with the INJ token are just as clear: protocol fees are too low, buybacks and burns are still too small in absolute terms, the shadow of the security incident has yet to fully fade, and Upbit’s warning label is still hanging over it.

The current price is around $7.70, with a probability-weighted fair value of about $6.32, a conservative scenario of $3.20, and an optimistic scenario of $12.50.

If you believe that “bringing institutional assets on-chain” is a defining trend for the next five years, INJ is one of the projects in this space with the cleanest governance and clearest deflationary mechanism. But if you’re expecting a short-term breakout, the current fee data and lingering effects of the September security incident could keep the price range-bound between $7 and $8 for a while.