INJ maintains a respectable appearance with an $800 million market cap and an $8 price, down just 1.5% on the day, but smart money is once again sending a unified signal: net short, with no longs. The price fluctuated between 7.82 and 8.30. Trading volume of 2 million is reasonably adequate for an $800 million market cap, but buying pressure is clearly lacking. There is zero social discussion and zero sentiment. After the DeFi narrative lost momentum, INJ lost the narrative premium that once attracted capital. The key takeaway: With no catalysts to support it and smart money continuing to turn bearish, INJ will grind away at long investors’ patience as it slowly trades sideways.#INJ #DeFiNarrativeFades