Market Momentum: Canary Capital’s Staked Injective ETF Filing Sends Shockwaves Through Crypto Community

Canary Capital Files for Staked Injective ETF – Will INJ Target $16?

The cryptocurrency market has been witnessing a series of significant events in recent times. The latest development is the news that Canary Capital has filed for the first-ever staked Injective ETF, which could potentially contribute to network security through staking. As a result, the price action of Injective [INJ] has seen an 8% surge within the last 24 hours, with its current market capitalization standing at $1.45 billion.

With such significant updates on the horizon, it is interesting to explore what potential impact they may have on INJ’s price movement going forward.

The recent filing by Canary Capital for the staked Injective ETF offers an intriguing prospect for investors seeking exposure in decentralized finance (DeFi). The proposed ETF will provide both price exposure and staking rewards to its holders.

Injective, also known as INJ, recently broke above a massive inverted head-and-shoulders pattern, which could be indicative of a shift in trend. This recent action has caused the cryptocurrency’s value to spike up to $15 at the time of writing.

The short-term outlook for INJ is viewed as being bullish unless this price falls below $12. The zone between $14-$16 could see sellers taking control and resulting in a bearish formation. However, it seems that the current market sentiment favors an upward trajectory for INJ until further notice.

Additional information provided by DeFiLlama suggests that the DEX volume has increased steadily since early July, with figures now reaching almost triple its initial numbers of this month at $1.1 million daily. Furthermore, the TVL (Total Value Locked) is also showing a significant upsurge, just short of 2025 highs.

One potential area of concern could be the stablecoin market capitalization on Injective’s blockchain, which has been stagnant since the start of the year. Nevertheless, with this ETF potentially contributing to network security through staking, there are possibilities that stablecoin issuance may experience a boost due to such actions.

The current market trends and indicators are all pointing towards a continued rise in INJ prices, but investors should keep an eye on these developments as any future downturn could be a bearish signal.

Source: ambcrypto.com