Injective (INJ) advanced 12.6% over the trailing 24 hours to trade near $8.02 on November 5, 2026, lifting its circulating market capitalization to approximately $802 million. Daily spot turnover expanded 29% to $99.5 million as secondary markets reacted to a regulatory filing confirming that Nasdaq approved the listing application for Canary Capital’s Canary Staked INJ ETF under the ticker INJC.
While the listing approval recovered losses from an intraday dip to $6.85 on November 3, bringing the token’s seven-day net gain to 2.5%, the exchange-traded product still cannot begin public trading until its registration statement with the US Securities and Exchange Commission (SEC) is formally declared effective.
The Canary Capital INJC Filing
Nasdaq approved Canary Capital’s application to list its staked Injective ETF under the ticker INJC on November 4, The Defiant reported. The fund would hold INJ and stake at least 90% of it to earn network rewards for its investors. It would charge an annual fee of 1.10%. BitGo would hold the fund’s tokens, according to SEC filings cited by PANews.
Staking means locking tokens to help secure a blockchain in return for rewards. INJ staking currently pays about 7.5% a year, and about 47% of the supply is staked, according to Staking Rewards.
INJC shares cannot be sold until the fund’s registration statement with the SEC becomes effective. Nasdaq’s approval covers the listing only, and Canary has not announced a launch date.
How INJ Recovered from Its Late-October Drawdown
INJ opened near $8.11 on October 29 before retreating during a wider crypto market drawdown sparked by an unprecedented $6.3 billion exchange exploit. The pullback bottomed near $6.85 on November 3, based on CoinMarketCap pricing data, before confirmation of the Nasdaq ETF listing approval pushed spot prices back above the $8.00 threshold.
What Traders Should Watch Before Launch
Direct programmatic or institutional demand from the ETF will only materialize once the fund launches and initiates primary capital inflows. Until regulatory clearance is complete, the ongoing rally reflects anticipatory spot positioning by secondary traders.
From a supply standpoint, INJ faces minimal overhang: approximately 99.97 million of its 100 million total token supply already circulates, leaving no scheduled private investor or team cliff unlocks. Baseline token supply expands via network staking emissions at approximately 3.7% annually, which is counterbalanced by recurring community buyback-and-burn auctions that permanently eliminate INJ tokens from circulation.
Technically, INJ encountered repeated overhead resistance between $8.15 and $8.28 across four distinct trading sessions from October 23 to October 29, establishing that cluster as the primary hurdle bulls must clear. In addition, aggregate trading volume remains beneath its trailing 30-day baseline average.
Read more: Injective Price Prediction
Where Injective (INJ) Stands After the Nasdaq Approval
INJ trades around $8.02, down approximately 85% from its March 2024 all-time peak of $52.75. With Nasdaq listing approval secured, market attention shifts toward the SEC’s review of Canary Capital’s registration statement, which must become effective before secondary share creation and public trading can begin.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided here is for general informational purposes only and does not constitute investment advice. Please do your own research before making any investment decisions.
FAQs
1. Why is Injective (INJ) up today?
Injective (INJ) is up today because Nasdaq has approved Canary Capital’s application to list its staked INJ ETF under the ticker INJC. INJ is up 12.6% over 24 hours at $8.02 as of November 5, 2026. The fund has not launched yet, so the rise reflects traders positioning ahead of it.
2. What is Injective (INJ)?
Injective (INJ) is the token of Injective, a blockchain built for finance apps such as trading and derivatives platforms. INJ is the network’s native token, used for executing gas fees, staking validator nodes, protocol governance, and weekly buyback-and-burn auctions.
3. When will the Canary staked INJ ETF start trading?
The Canary Staked INJ ETF has no official launch date. While Nasdaq approved its listing under the ticker INJC on November 4, 2026, shares cannot be issued or traded publicly until the SEC declares the fund's S-1 registration statement effective.
4. Is Injective (INJ) a good investment?
Whether Injective (INJ) is a good investment depends on a trader’s goals and tolerance for losses, and it is high risk. INJ trades about 85% below its March 2024 record of $52.75, and it fell to about $6.85 on November 3, 2026, before rising above $8. The staked INJ ETF approved by Nasdaq has not started trading.
