Injective ETF Filing Update Triggers Price Surge on Solana
Injective (INJ) has seen its price surge over 20% in recent trading sessions, largely due to an amended filing by 21Shares for a proposed Injective ETF. The SEC received the updated proposal on September 18, which would list the fund under the ticker TINJ and track INJ through the FTSE Injective Index.
The amended filing allows for discretionary staking of INJ, with a target range between 40% and 60%, subject to liquidity needs. BNY Mellon is named as administrator, transfer agent, and cash custodian in the updated proposal.
The price move also followed INJ's launch on Solana as a native SPL token, which added access through Solana-based trading and DeFi venues. While it's difficult to attribute the rise solely to the ETF amendment or the Solana rollout, both events occurred during the broader rise in INJ's price and trading volume.
According to CoinMarketCap, INJ traded near $6.88 and had a market capitalization of around $759.8 million, up 23.8% over the same period. Its 24-hour trading volume is near $281 million, up 194.4%, with a volume-to-market-cap ratio of 36.61%.