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Canary Capital files for staked Injective ETF – Can INJ target $16 next?
In a recent development, Canary Capital has filed for the first-ever Injective staking ETF. This move comes as Injective’s DEX volume and TVL have been slowly increasing since the start of July.
As of press time, the daily DEX volume had surged to approximately $1.1 million, almost triple the initial figure of $393K per day. Moreover, DeFiLlama data shows that the Total Value Locked (TVL) has reached a value of $109 million, mere millions short of its 2025 high.
It is essential to note that while these bullish indicators are taking place, one metric remains stagnant. Stablecoin market cap on Injective has been stuck in a range of $20 million to $34 million throughout the year. The impending ETF could potentially enhance stablecoin issuance on the chain through staking.
The price action of Injective has also seen a significant surge, rising by about 8% over the past 24 hours and reaching an unlocked market cap of approximately $1.45 billion as reported on CoinMarketCap. This upward movement can be attributed to the ETF hype driving prices.
Notably, the price chart has broken above a massive inverted head-and-shoulders pattern, indicating that the trend may have shifted. INJ’s failure to push past the $16 mark could lead to struggles in continuing its upward trajectory. Conversely, if it is able to surpass this level and maintain support, it might be the case that Injective will experience further growth.
It remains to be seen whether these indicators can hold out as we move forward.
Source: ambcrypto.com
