A potentially heart-wrenching observation: The official today suddenly announced the launch of the Token buyback plan for $INJ .

Buyback? It certainly sounds like great news. But have you ever thought about when the project team would actually use this trump card?

My understanding is - when all the other cards have been played.

First, let's look at the balance sheet: the fully circulating market value is 700 million USD, having gone through two bullish market cycles, the early team, institutions, and old players have mostly exited. A conservative estimate suggests that the project party may have less than 5% of the chips that can actually be utilized. Trying to push the price back to historical highs through buybacks? Without several hundred million USD in the ammunition depot, that's basically a pipe dream. The question arises: where will the money come from?

Looking at the on-chain data again. The daily trading volume for spot is hovering around $1.1 million, while the derivatives trading volume is just over $40 million. Based on the industry-standard comprehensive fee rate of 0.02%-0.05%, the total transaction fees that the entire chain can earn in a day is approximately between $20,000 and $30,000.

Using this income to buy back tokens in the market? To be honest, it's like using water from a fire hydrant to put out a forest fire.

Think about the normal project development path: financing → Token lock-up → exchange listing → market promotion → community incentives → ecological expansion → …… only then comes the buyback. The buyback is usually the last bullet in the ammunition depot, a final means of maintaining coin price using real money when ecological growth is weak and there are no new stories to tell.

Therefore, this buyback announcement is less of a positive signal and more of a warning of a potential peak in this phase. When good news is fully released, it often marks a turning point.

If you have a position, you may need to reassess the risks. If you are waiting to buy at the bottom, it is recommended to wait and see if there is any substantial improvement in the fundamentals.

Old projects won't disappear overnight, but they will indeed fade away slowly.

The market is always more honest than emotions.