In 2023, we witnessed numerous cryptocurrencies increase in value by dozens of times, and those who capitalized on the market bottom achieved substantial gains. While Bitcoin‘s price was struggling to maintain $42,500 at the time this article was prepared, a warning came from a popular altcoin that had increased 30x this year. So, what does this warning mean?
INJ Coin Warning
This year, Bitcoin ordinals attracted significant attention, and we witnessed the launch of their own inscriptions on most networks, including LTC, AVAX, and DOGE. These inscriptions, which increased network congestion due to high demand, caused almost all networks to experience delays. Now, there is excitement among investors with the expectation that similar assets will enter circulation on the Injective network.
Injective (INJ) has appreciated more than 30 times in value this year, and the INJS team initiated the minting process as a result of the growing inscription enthusiasm. Initially, INJ Coin supported this initiative through its official account, but a few minutes ago, it published an important warning advising investors to be cautious of the INJS team.
“Please stay away from these activities. Do not participate in the INJS minting process. The team is not acting honestly and is requesting a minting fee for an unverified wallet.”
Statement from INJS Team
Investors know that initiatives receiving a red card from the main team are unlikely to succeed. At least those who cannot afford to lose the minting fee would benefit from staying away from the project. Amidst all these discussions, the INJS team made a statement a few minutes ago, acknowledging that it would not be successful against the community and the official team.
Following the INJ Coin announcement, they wrote:
“Please be careful, do not mint. After listening to the community and discussing with the Injective team, we decided to refund all funds. We plan to restart with a free launch later.
We are currently collecting transfer information and will start the refund process soon. Please do not mint anymore.”
The price of INJ Coin fell to $37.4 following the recent developments and the pullback in BTC price. Investors may encounter similar alarm situations on different networks. Therefore, they should closely follow the official accounts of the networks and stay away from operations initiated by scammers. Doubt in the crypto world sometimes prevents you from making money, but most often it protects you from losses.
