Injective Token Rises 27% as ETF Proposal Gains Attention
Injective Token Climbs 27% in a Day
Injective's INJ token rose about 27% over 24 hours on October 16, moving faster than several rival blockchain tokens.
On Binance, INJ traded at 9.10 USDT at 8:53 a.m. ET, up 27.06% from the previous day. The token reached a high of 9.413 USDT during that period. Trading volume on Binance hit 48.87 million USDT.
CoinGecko recorded a nearly identical gain of 27.19% over the same window. Total trading volume across all markets was around $344 million, with a market cap of roughly $912 million.
The broader crypto market also moved slightly higher, with total capitalization reaching about $2.77 trillion at 8 a.m. ET on October 16.
Rivals Lag Behind INJ's Gain
While INJ surged, other tokens in the same space posted smaller gains. NEAR rose 14.54%, Sei climbed 11.36%, and Cosmos Hub's ATOM added 4.81% over the same 24-hour stretch.
Injective said on October 15 that its CEO Eric Chen met with officials from the White House, SEC, and CFTC on October 14. The price advance was already underway when that statement came out, so the meetings were not the clear cause of the rally. The announcement also did not produce any announced regulatory decision.
21Shares Files for an INJ ETF
A separate development may be drawing attention to the token. Asset manager 21Shares filed an amendment for a proposed Injective ETF with a preliminary prospectus dated September 18.
The proposed Nasdaq-listed fund, under ticker TINJ, would hold INJ directly and could stake a portion of its holdings at the sponsor's discretion. Staking means locking up tokens to help secure a blockchain network in return for rewards.
The filing does not mean a fund is currently buying INJ. The prospectus states that the securities cannot be sold until the registration becomes effective, and neither the SEC nor any state securities commission has approved or disapproved the offering.
Injective's team described the meeting in Washington as part of a push to shape rules for onchain capital markets.
What Is Clear and What Is Not
The token's 27% price move is confirmed by two independent data sources. The 21Shares ETF filing is a real document on record. The White House, SEC, and CFTC meetings took place, according to Injective.
What is unclear is whether the meetings influenced the price, whether the ETF will eventually launch, and what role, if any, institutional demand plays in the current rally.
Why This Moves
Injective is a blockchain built for financial applications, and its token has drawn interest from both retail traders and institutional players eyeing a regulated fund product. The combination of a sharp price increase and a live ETF filing is unusual enough to warrant attention from anyone tracking the token.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.