INJ Surges 27%, Outpacing NEAR and Sei

Injective’s $INJ token climbed about 27% over 24 hours on Oct. 16, outpacing several other blockchain tokens.

On Binance’s $INJ/$USDT spot market, $INJ traded at 9.10 $USDT at 8:53 a.m. ET, up 27.06% over the preceding 24 hours. The exchange reported a high of 9.413 $USDT during that rolling window and 48.87 million $USDT in spot turnover.

Injective said in an Oct. 15 statement that CEO Eric Chen met officials from the White House, Securities and Exchange Commission and Commodity Futures Trading Commission in Washington on Oct. 14. The price advance was already underway when the statement was published. The announcement does not establish that the meetings caused the buying or produced a regulatory decision.

CoinGecko’s market snapshot, updated at 8:52 a.m. ET, independently put $INJ’s rolling 24-hour gain at 27.19%. In the same snapshot, NEAR gained 14.54%, Sei rose 11.36% and Cosmos Hub’s ATOM added 4.81%. $INJ’s reported trading volume across markets was about $344 million, against a market capitalization of roughly $912 million.

For the broader market, CoinMarketCap’s historical series showed total cryptocurrency capitalization of approximately $2.77 trillion at 8 a.m. ET on Oct. 16. The Defiant calculated an increase of about 2.48% over 24 hours, a decline of 1.10% over seven days and a gain of 3.65% over 28 days. Those figures measure changes in aggregate market capitalization, rather than an investable index return.

ETF Proposal Would Hold $INJ Directly

The institutional backdrop includes a 21Shares Injective ETF registration amendment with a preliminary prospectus dated Sept. 18. It describes a proposed Nasdaq-listed fund under the ticker TINJ that would hold $INJ directly and could stake a portion of its holdings at the sponsor’s discretion.

That would give brokerage investors exposure through fund shares rather than requiring them to hold the token themselves. But the preliminary prospectus is not evidence of an operating fund buying $INJ during this rally: it states that the securities cannot be sold until the registration statement becomes effective.

Injective’s Washington statement said Chen was accompanied by its general counsel, head of policy and head of research. “The rules for onchain capital markets are being set right now,” the team wrote. The 21Shares prospectus, meanwhile, explicitly states that neither the SEC nor any state securities commission has approved or disapproved the offered securities.