Injective (INJ) rallied 27% on October 16 and reached its highest level since October 2025. CryptoPotato links the move to a CEO meeting with US officials, while Crypto Briefing points to pending ETF filings.
INJ jumped to almost $9.20 on October 16, according to CoinGecko data cited by CryptoPotato. That is the highest level since October 2025. The token pumped by 27% and was the day's top performer, ahead of Bitcoin and Ethereum.
Washington meeting appears to drive the surge
The main reason for the surge appears to be a meeting in Washington between Injective CEO Eric Chen and officials from the White House, the SEC and the CFTC. Injective said on X that he was joined by its General Counsel, Head of Policy and Head of Research.
The rally also lifted INJ's market capitalization above $920 million. That made it the 85th-largest cryptocurrency after it overtook Pi Network (PI). CoinGecko listed other potential catalysts, including a stakers' vote on IIP-709, a proposal for fixed gas fees.
ETF filings add to the picture
Crypto Briefing offers a different emphasis. It says INJ climbed between 23% and 28% over 24 hours, pushing intraday prices above $9.10. In its view, the most important catalyst appears to be 21Shares, which around September 18, 2026 amended its filing for an Injective ETF.
The proposed product would hold INJ directly and allow discretionary staking. 21Shares is aiming for a Nasdaq listing under the ticker TINJ. Canary Capital and REX-Osprey have also advanced their own filings for staked versions of an INJ ETF.
Analysts see more room to run
Analyst Ali Martinez said the rally has just begun. He noted that the price has pumped 30% after breaking out of a cup-and-handle pattern, which he said suggests room for further growth. Martinez said the pattern projects a target near $14.
Another analyst, MikybullCrypto, advised traders to pay attention to INJ before the train leaves. Earlier, the analyst forecasted a potential explosion to $80, pointing to a chart pattern that has preceded similar rallies in the past.
Sources: CryptoPotato, Crypto Briefing
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