Why Is Injective Dropping Today? 10% Fall After Chain Halts

In a nutshell: Why is Injective dropping today? INJ is down about 10.3% in 24 hours to roughly $7.40, after the Injective chain stopped producing blocks on November 9 and halted again for an expedited upgrade on November 11, which led major exchanges to pause INJ deposits and withdrawals. Prices were checked on CoinGecko at 11:03 a.m. PKT (6:03 a.m. UTC) on November 12, 2026. No hack or loss of funds has been reported.

Why Is Injective Dropping Today?

At our November 12 check, Injective ranked #85 by market value (about $740 million), with a 24-hour range of roughly $7.41 to $8.28, trading volume near $94 million and a seven-day loss of about 8.1%, per CoinGecko. In local money that is about C$10.55 and A$10.82 per token. Over the same 24 hours Bitcoin was down only about 0.3% to near $73,593, Ether about 1.0%, and the total crypto market about 3.0% (CoinGecko). So INJ fell more than three times as hard as the overall market.

CoinMarketCap’s AI price analysis described the move as “more coin-specific than market-led” and named network reliability concerns after the block production pause and exchange transfer suspensions as the most likely reason, while noting the data does not prove it caused the full decline. INJ is now about 86% below its all-time high of $52.62 from March 14, 2024 (CoinGecko).

Main Reason: Two Injective Chain Halts in Three Days

November 9: blocks stopped. The Injective network stopped producing blocks at height 191,016,661 on November 9, TokenPost reported, and South Korean exchange Bithumb paused INJ deposits and withdrawals until the network was stable. Cryptonews.net, using public node data, counted four hours and 24 minutes with no new blocks, and said Upbit, Coinone and Kraken also suspended INJ deposits and withdrawals while trading stayed open.

Two different explanations circulated. An Injective community administrator told users the pause was a planned mainnet upgrade test run with validators, according to TokenPost. Cryptonews.net reported that validator operator Figment first said the chain was halted at the Injective Foundation’s request as a precaution against a potential attack path, then revised its notice to say a security patch had been applied and the network was back to normal. Injective’s own upgrades page lists the event as an emergency patch (v1.20.4-bl.3) from a “network readiness exercise” with a coordinated halt at that block. As of our check, no full post-mortem had been published.

November 11: a second, planned halt. Two days later, validators passed expedited governance proposal 714, which stopped the chain again at block 191,270,000 to install version v1.20.4-safeharbor.5. Injective’s upgrades page shows the proposal passed and was executed. Bybit said it would suspend INJ deposits and withdrawals from 11:30 a.m. UTC on November 11, ahead of the upgrade at about 12:25 p.m. UTC. Coinpuri reported that Upbit closed INJ transfers again from 6 p.m. Korea time, only about a day after reopening them.

Cryptonews.net called it the second halt of Injective’s transfer rails in about 10 weeks. Repeated stops matter to traders because, while the chain is paused, nobody can move INJ between wallets and exchanges, and staking or unstaking on exchanges is also frozen. Our guide to how crypto staking works explains why stakers care about that.

Other Factors Behind the INJ Drop

Not a big liquidation event. Liquidation.lol tracked about $847,100 of INJ futures liquidations in the 24 hours to 6:00 a.m. UTC on November 12, about 81% of them longs. That is small next to a $740 million token, so this looks more like spot selling than a leverage flush. Our explainer on how crypto liquidations work covers the difference.
Weak sentiment. CoinMarketCap showed the Fear & Greed Index at 26 (“Fear”), and several other altcoins fell hard on the same day, including Bitway, which we cover in why Bitway is dropping today.
A failed bounce. CoinMarketCap’s analysis notes INJ had risen about 3% to $8.30 on November 11 on Robinhood sweepstakes publicity and Injective’s fifth anniversary, so the latest fall wiped out that gain and more. To read these swings yourself, see how to read a crypto chart.

Can You Move INJ Right Now?

Trading continued on the exchanges named above throughout both halts; only deposits, withdrawals and exchange staking were paused. Bithumb’s notice said it planned to reopen INJ transfers at 10:15 a.m. Korea time on November 12, and the exchange-notice tracker CoinGaja shows Upbit resuming INJ deposits and withdrawals at 2:26 p.m. Korea time the same day. Bybit said it would not post a separate resumption notice and pointed users to its deposit and withdrawal pages. If you hold INJ on Kraken or another exchange in the US, Canada or Australia, check that exchange’s status page before sending tokens, because a deposit sent during a pause can be delayed.

Injective is built on the Cosmos SDK, per its upgrades page, so it shares the same validator-and-halt upgrade model as other Cosmos chains. Our Cosmos staking guide explains how validators and unbonding work on that kind of network.

What to Watch Next

The November 17 upgrade: TokenPost reports Injective’s next scheduled mainnet upgrade, v1.21.0, is set for November 17. Injective’s upgrades page explains that major upgrades halt the chain at a set block while validators switch software, so another short transfer pause on exchanges is possible.
An official incident report: A clear account of the November 9 stop from the Injective Foundation would show whether it was only a drill or a response to a security risk.
Levels: CoinMarketCap’s analysis lists about $7.42 as nearby support and $7.63 to $7.80 as resistance. These are one publisher’s chart levels, not guarantees. You can set crypto price alerts instead of watching the chart, or model a slower entry with our DCA calculator.

These are reported facts and watch-items, not price predictions.

FAQ

Was Injective hacked?

No hack or loss of funds has been reported in the sources cited here. One validator’s first notice mentioned a precaution against a potential attack path, while Injective’s community admin called the November 9 pause a planned test, and the network later resumed with a patch.

Why did exchanges stop INJ withdrawals?

When a blockchain stops producing blocks, no transfers can be confirmed, so exchanges pause deposits and withdrawals to avoid stuck or lost transactions. They reopen once the network is stable.

Is the Injective network working again?

Yes. Injective’s upgrades page shows version v1.20.4-safeharbor.5 live on mainnet after proposal 714, and Bithumb and Upbit had reopened INJ transfers by November 12.

Sources

Disclaimer: This article is for informational purposes only and is not financial advice. Crypto prices are volatile; do your own research.

Why Is Injective Dropping Today? 10% Fall After Chain Halts