Canary Capital Files Staked Injective ETF: Will INJ’s Price Finally Stop Plummeting?

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In a move as audacious as a poet’s first love letter, Canary Capital has tendered a petition to the U.S. Securities and Exchange Commission (SEC) to birth a staked Injective ETF. One can only wonder if this will resurrect INJ’s fortunes-or merely serve as a eulogy for its recent 30% monthly collapse. 🐦💸

Investors, those eternal dreamers, would gain regulated access to INJ-a cryptocurrency currently trading at $4.75, with a market cap that whispers of forgotten fortunes ($475.23 M). Volatility, that old nemesis, hums along at 5.9%, while 24-hour volume dances at $58.53 M. A ballet of chaos, perhaps? 🎭

Canary Capital Submits S-1 to U.S. SEC for Injective ETF

The filing, a bureaucratic sonnet, reveals Canary’s S-1 registration with the SEC for its proposed staked Injective (INJ) exchange-traded fund. If approved, this ETF will grace Cboe’s stage, offering exposure to INJ’s spot price-though one might argue the price itself is staging its own performance art. 🎭

The fund promises staking rewards, a sweetener for investors who’ve likely seen better days. It joins a chorus of crypto ETFs awaiting SEC approval for 2026-a year that may yet become synonymous with regulatory limbo. 🕰️

The sponsor plans to stake all INJ tokens via unannounced staking partners, a decision as mysterious as a midnight sonnet. U.S. Bancorp Fund Services, appointed transfer agent, and BitGo Trust Company, digital asset custodian, now share the spotlight. The ETF will track INJ’s performance via the INJ-USD CCIXber Reference Rate-because nothing says “trust” like a name that sounds like a spreadsheet error. 📊

Shares will be created in blocks of 10,000, a number chosen with the precision of a poet’s meter. Paralel Distributors LLC, the marketing agent, presumably tasked with selling hope to the hopeless. 🎯

Growth of the Overall Injective Ecosystem

The Injective ecosystem, once a whisper in the crypto wilderness, now boasts transaction counts nearing 1 million weekly-a leap from 2023’s timid 0-1,000 range. A meteoric rise, or merely a delayed reaction to a viral tweet? 🌟

GM @injective, you’ve grown from a shy sapling to a redwood of transactions. Yet, does this growth matter when INJ’s price is on a rollercoaster? – FurkanConsensus.inj 🦇🔊🍉

Transactions now span decentralized exchanges, minting, staking, derivatives, swaps, NFTs, and more-a veritable carnival of activity. Yet, the real-world asset tokenization efforts feel less like innovation and more like a desperate attempt to justify existence. 🏦

Andrew (@AndKrypto), Injective’s Korea Lead, recently waxed poetic about on-chain mortgage portfolios and pre-IPO stock trading. A bold vision, or a case of crypto’s classic delusion? Only time-and the SEC-will tell. 🧠

Will the INJ Price Recover From Here?

INJ’s price now languishes at $4.58, down 5.6%, trading below all its moving averages like a poet rejected by the literary elite. The RSI, at 30.67, screams oversold-though whether it’s a cry for help or a dramatic flourish remains unclear. 📉

INJ’s price. | Source TradingView

Traders, armed with hope and caffeine, might target $4.50 as a “buy the dip” moment-though history suggests dips are just dress rehearsals for freefalls. A rebound to $5.50 is possible, but only if volumes decide to throw a party. Otherwise, INJ may continue its descent into crypto purgatory. 🎢

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2025-12-18 18:57