Key Highlights
- INJ rose 14.4% in 24 hours to $7.53, with trading reaching a high of $7.77.
- Injective launched INJ as a native SPL token on Solana, allowing users to trade and provide liquidity without cross-chain bridges.
- The initial INJ supply on Solana is limited as part of the network’s controlled rollout.
Injective’s native token INJ traded past $7.50 at $7.53 on September 19, 2026, rising 14.4 percent over the previous 24 hours, followed by two developments: the availability of INJ as a native SPL token on Solana and an S-1 update filing related to an Injective exchange-traded fund.
According to CoinGecko data (on Sep 19 at 4:30pm UTC), the 24-hour range stood between $6.54 and $7.77. Market capitalization and fully diluted valuation were both listed at $753.009 million. Twenty-four-hour trading volume reached $256.711 million. Circulating supply and total supply each stood at 100 million tokens. Treasury holdings were reported at 7,170,647 INJ.
Native SPL listing on Solana
Injective Protocol’s INJ token went live as a native SPL token on Solana on September 19 and has been listed on Sunrise via Backpack Securities.
The listing enables Solana users to trade, provide liquidity and build with INJ directly on the network without relying on cross-chain bridges. The initial supply placed on Solana is modest, supporting a controlled rollout. The broader INJ supply remains near 100 million tokens.
21Shares S-1 update for INJ ETF
On September 19, 21Shares US filed an S-1 update for an Injective INJ exchange-traded fund. The filing includes a target to stake between 40 percent and 60 percent of the fund’s INJ holdings, with the percentage adjustable based on liquidity needs.
The proposed listing is on Nasdaq under the ticker TINJ. The FTSE Injective Index is designated as the pricing benchmark. According to Injective, BNY Mellon is named as administrator, transfer agent and cash custodian.
Another reason driving the surge
The broader crypto market provided another reason, rising more than 4% to about $2.88 trillion on Saturday. Bitcoin led, climbing above $80,000 to $81,383 as traders returned and funds flowed into U.S. spot Bitcoin ETFs.
CoinGecko data at 3:08 p.m. UTC showed Bitcoin up about 1.2%, lifting its market cap above $1.633 trillion on $34.091 billion in 24-hour volume. The advance began Friday from $74,584.15, when market cap stood near $1.57 trillion.
Prior network upgrade and ecosystem incident
On August 31, 2026, Injective contributors completed an accelerated network upgrade that required more time than initially planned to roll out across validators and related infrastructure. The Injective blockchain and its native token remained secure during the process. The protocol and consensus mechanism were not compromised, user funds and staked assets stayed intact, and the chain continued to process transactions.
In an X post on September 1, Injective stated that the upgrade was initiated after an exploit affected a limited number of ecosystem applications that operated binary options markets. The attack was limited to those applications and did not compromise the Injective blockchain, protocol, native assets or consensus mechanism. The relevant attack vector has been contained and patched.
INJ’s trading activity on September 19 occurred against the backdrop of the Solana native listing, the updated ETF filing and the earlier network upgrade completed at the end of August.
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