Injective’s INJ token had the kind of day most layer-1 networks only see in their pitch decks. On October 16, 2026, INJ climbed between 23% and 28% over 24 hours, pushing intraday prices above $9.10.
That move put it well ahead of the broader layer-1 pack, including NEAR, Sei and Cosmos Hub. Trading volume also jumped above normal levels, which suggests this was more than a few wallets nudging a thin order book.
The ETF pipeline behind the rally
The most important catalyst appears to be 21Shares. Around September 18, 2026, the asset manager amended its filing for an Injective ETF.
The proposed product would hold INJ directly rather than track it through derivatives. It would also allow discretionary staking, and 21Shares is aiming for a Nasdaq listing under the ticker TINJ.
21Shares is not the only firm in line. Canary Capital and REX-Osprey have advanced their own filings for staked versions of an INJ ETF.
Those structures could potentially stake 90% of their holdings.
A month of momentum, not just a day
The 24-hour jump sits on top of a much larger run. INJ has gained roughly 67% to 70% over the past 30 days.
Much of that has been attributed to the token’s supply mechanics. In January 2026, the Injective community passed IIP-617, a governance proposal that enables ongoing supply contraction for INJ.
Injective’s revenue-to-fully diluted valuation ratio is reported at approximately 0.95, the highest among layer-1 networks, reportedly ranking ahead of names like Solana and Arbitrum.
There is a real-world asset angle too. A Canadian mortgage firm has plans to move a large real estate portfolio onto the Injective chain.
What this means for investors and the market
If regulators approve a staked INJ ETF, the 21Shares, Canary Capital and REX-Osprey products could open the token to investors who would never touch a crypto exchange.
The staking question is especially worth watching. A fund that stakes as much as 90% of its holdings would lock up a meaningful chunk of tokens. Combined with the supply contraction from IIP-617, that could tighten available supply further.
For now, the things to track are straightforward. Watch for regulatory responses to the 21Shares TINJ filing and the competing staked ETF applications, whether trading volume holds up after the initial spike, and whether on-chain activity grows into the valuation the market has just assigned.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.