Weekly transactions on the @Injective blockchain are rising again, according to data from @tokenterminal. The recovery follows a prolonged slide in network activity that began after a peak in July 2025.
Injective transaction activity rebounds from June low
Weekly transaction counts for $INJ declined from that July 2025 high and bottomed out in June 2026, at roughly 6 to 7 million. Activity has since picked up, moving well above 10 million and reaching 14.5 million in the week of September 28. Token Terminal tracks weekly and cumulative transaction counts for Injective on a public dashboard.
Longer-run totals point the same way. Cumulative transactions on Injective's network had exceeded three billion by Oct. 16, including more than 46 million in the previous 30 days. TokenPost noted that the total counts network transactions, not distinct users, and does not show the dollar value transferred. Transaction counts are a broad usage measure and do not by themselves show how much value is moving on the chain.
What may be driving attention to INJ
The pickup in activity comes alongside a run of ecosystem and institutional news. Injective released a comprehensive new whitepaper on October 7, 2026, the first complete rewrite of its technical documentation since the original December 2018 paper. KuCoin's research blog said Injective already hosts more than $1 billion in tokenized real-world asset value, primarily mortgage records, according to project disclosures and market trackers.
On the regulatory front, CoinMarketCap's news summary reported that three U.S. INJ ETF applications were filed on October 8, 2026, from 21Shares, Canary, and REX-Osprey. It also said Injective's leadership met with White House, SEC, and CFTC officials in Washington on October 15. The same summary cautioned that the meetings are not an approval, and the rapid price move may have outpaced the actual regulatory progress.
The token has reacted. INJ reached $9.37 on Hyperliquid on Oct. 16, its highest price of the year, after gaining about 30% over the previous 24 hours. Some observers remain cautious. Coindoo wrote that none of the elements behind the rally guarantees near-term usage or revenue growth on its own.
Whether the transaction rebound holds will be the key test. Sustained growth in weekly activity would add support to the case for Injective's institutional and tokenization push, while a reversal would suggest the recent price move is running ahead of usage.
Sources:
Token Terminal: Injective dashboard
TokenPost: Injective adds Jumper route for USDC as transactions top three billion
CoinMarketCap: Latest Injective (INJ) news update