Nasdaq Approves First INJ Staked ETF, Igniting Market Speculation
The Nasdaq has granted approval for the first exchange-traded fund (ETF) focused on staked Injective (INJ) tokens, set to trade under the ticker INJC. The fund aims to stake approximately 90% of its holdings, offering traditional investors a new avenue to gain exposure to the cryptocurrency.
Wall Street Embraces Decentralized Finance Asset
This move marks a significant step in packaging decentralized finance (DeFi) assets for mainstream adoption. The INJC ETF will allow investors to access Injective through conventional brokerage accounts, bypassing the complexities often associated with managing cryptocurrency wallets and private keys. The ETF is structured to track the spot price of INJ and will utilize institutional custodians like BitGo for staking services.
Analysts Eye Price Targets Amidst ETF Buzz
While institutional finance navigates the regulatory landscape, cryptocurrency traders are closely monitoring Injective’s price action. The INJ token has been consolidating around the $8.45 mark, with analysts observing signs of an accumulation base forming on the weekly chart.
Some optimistic projections suggest a potential target of $60 for INJ, contingent on current market catalysts. However, more immediate attention is focused on the $12 to $15 resistance zone. A decisive break above this range could trigger a rapid upward movement in the token’s price, even on a weekly timeframe.
The approval of the INJC ETF has generated considerable buzz, with search trends for “Injective coin” reportedly spiking. This development underscores the growing interest in bringing crypto assets into the traditional financial system, though the practical implications of institutional custodianship for a DeFi-native asset remain a point of discussion within the community.
