Injective jumps 27% in a day, leaving NEAR and Sei behind

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 Ja...