Key Highlights
- INJ fell 6.3% to $8.57 on October 17, trading between $8.49 and $9.12 after gaining approximately 27.3% the previous day.
- Injective CEO Eric Chen and senior executives reportedly met with White House, SEC, and CFTC officials on October 15 to discuss tokenization and on-chain finance.
- The token’s market capitalization and fully diluted valuation both stood at $856.5 million, with 24-hour trading volume of $165.9 million.
Injective’s native token, INJ, fell 6.3% over the past 24 hours to trade at $8.57, according to market data from CoinGecko on October 17 at 14:35 UTC.
The decline followed a sharp advance on October 16, when the token traded near $9.13 after rising approximately 27.3% in 24 hours. That earlier move came in the period immediately after Injective reported that CEO Eric Chen and senior executives met with officials from the White House, the U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission on October 15 to discuss tokenization and on-chain finance.
The latest session brought the token’s market capitalization to $856.544 million. Fully diluted valuation matched the market capitalization at the same level. Twenty-four-hour trading volume stood at $165.851 million, while perpetual futures open interest measured $481.962 million. Circulating supply and total supply both remained at 100 million tokens. Treasury holdings were listed at 7,170,647 tokens.
The 24-hour range ran from $8.49 to $9.12. Over the past seven days the token traded between $7.03 and $9.35. The all-time high of $52.62 leaves the current price 83.7% below that level. The all-time low stands at $0.6574.
Recent context following regulatory meetings
On October 15, Injective reported on its official X account that CEO Eric Chen, along with the company’s general counsel, head of policy, and head of research, held meetings in Washington with officials from the White House, the U.S. Securities and Exchange Commission, and the Commodity Futures Trading Commission. The discussions centered on tokenization and on-chain finance under the current U.S. regulatory framework.
In a separate development, Gulf Labs, the blockchain and digital-asset unit of Thailand’s GULF Group, began operating as an institutional validator on the Injective network in early October. The arrangement covers network validation and governance participation. Additionally, asset managers including 21Shares and Canary Capital have submitted registration statements to the SEC for proposed exchange-traded products linked to INJ, some of which include staking features. The filings are still pending. Injective has also noted the availability of CFTC-regulated INJ futures contracts for U.S. traders via Bitnomial.
The October 16 rally occurred in the period immediately following the reported meetings. The subsequent session on October 17 recorded the 6.3% decline from levels near $9.13.
Technical readings and market position
Technical indicators on the one-day timeframe showed oscillators in neutral territory, with one sell signal, eight neutral readings, and two buy signals. The overall summary registered as buy, based on two sell signals, nine neutral, and 15 buy signals. Moving averages indicated strong buy, with one sell, one neutral, and 13 buy signals.
Fibonacci pivot levels listed resistance at 11.108, 9.474, and 8.464, with the pivot point at 6.830 and support levels at 5.196, 4.186, and 2.552.
The combination of the pullback from the October 16 high near $9.13, the reduction in trading volume, and the continued distance from the all-time high of $52.62 leaves the near-term price action subject to further market observation.
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