Injective’s INJ token surged 23% to 28% in 24 hours on October 16, 2026, breaking above $9.10 and outperforming other layer-1 protocols like NEAR, Sei, and Cosmos Hub. The main catalyst appears to be 21Shares’ filing for an ETF that would directly hold INJ with discretionary staking, targeting a Nasdaq listing under the ticker TINJ. Canary Capital and REX-Osprey have also filed similar applications for staked versions representing up to 90% of holdings. Over 30 days, INJ has gained 67% to 70%, driven by governance proposal IIP-617 aimed at contracting the token’s supply.
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