I compared INJ when it just hit $22 last week, and it is even more wilder now. Let me dive in below, but first, let's explain the context...

It is undeniable that there are claims and speculations in the crypto community suggesting that 'INJ is being manipulated by their VCs & market makers.' This perception has raised questions about the current valuation of Injective Protocol ($INJ), especially when compared with its Total Value Locked (TVL) and the scope of its protocols. With a TVL of merely millions and hosting only seven protocols, Injective's valuation stands at a remarkable $3.2 billion++, this is ridiculous from a stats viewpoint!

Take a closer look, HelixApp, the largest protocol on Injective, processed around $74 million in a 24-hour trading volume as of Dec 14. This number is relatively modest when compared to other perpetual exchanges, which are valued between $200 million and $300 million in Fully Diluted Valuation (FDV). In terms of daily volume, according to DefiLlama, Injective's chain sees between $5 and $7 million, significantly lower than Solana’s $500 million to $700 million, and Ethereum's mainnet which often surpasses $1 billion.

The striking disparity between Injective's high valuation and its relatively lower performance metrics has led to a debate over whether $INJ is overvalued.

While Injective boasts a robust community, substantial funding, and well-structured tokenomics, it has yet to deliver a product commensurate with its market valuation. This perceived mismatch between the market value and actual utility or adoption is a point of contention and suggests a disconnect between price action and real-world usage!

On the other hand, let's compare to a closer network Kujira, which also hosts ex-Terra projects similar to Injective's ecosystem. Here is a past comparison I did last week, when INJ was just $22.

$KUJI is often cited as an undervalued entity in the space. Kujira has been recognized for generating higher fees and its approach to distributing these fees to stakers, contrasting with Injective's inflationary tokenomics.

Of course, I believe $INJ can hit 100, but at current stage, it will be with the help of MEMECOINS and their Market Makers.