$INJ market cap says $445M
The actually tradeable market is a lot smaller :
โ 100M total supply, circulating is already 100M, no vesting cliff left to dump on you
โ Around 57M is staked, and unstaking takes 21 days, that supply cannot react fast
โ 7.17M of it sits in one single treasury, Pineapple Financial, 7.17% of the whole supply
โ That leaves roughly 43M INJ actually liquid, around $190M at today's price
โ $38M traded in the last 24 hours
โ Close to a fifth of the real float changes hands every single day
โ The liquid market is way smaller than the headline number
Thin float cuts both ways, it moves fast up and it moves fast down, keep that in mind