Injective price jumps 5% as Pineapple Financial commits $100M to INJ staking

Injective has confirmed that Nasdaq-listed fintech firm Pineapple Financial has officially closed its $100 million fundraise to buy and stake native INJ.

The development has sparked excitement among cryptocurrency enthusiasts, with INJ gaining over 5% in the past 24 hours.

Pineapple Financial will cooperate with institutional-level asset managers to begin accumulating Injective tokens this month.

The program includes buying Injective assets in the upcoming weeks until Pineapple exhausts the entire $100 million.

The announcement highlighted:

Purchases will be publicly revealed and will be executed by institutional asset managers in the open market, with the accumulation program expected to continue over the coming weeks until the full $100 million worth of INJ is acquired.

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Pineapple Financial has officially completed its $100 Million capital raise to purchase $INJ.

Starting this month, Pineapple will accumulate $INJ tokens and stake them with the aim of generating an estimated 12% annual yield, placing its strategy well ahead of major digital

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At prevailing market prices, the $100 million investment would mean acquiring around 7% of INJ’s circulating supply, making Pineapple among the top Injective holders.

Staking approach with long-term goals

Indeed, the blockchain space has witnessed increased appetite for crypto treasuries in the past months.

While most corporates spread associated risks across several assets, Pineapple plans to go all-in on INJ.

The company will stake its investment to generate a roughly 12% yearly yield.

That strategy would put Pineapple Financial well ahead of many renowned crypto treasury approaches.

Besides targeting more yields, the focused approach aligns Pineapple’s credibility with Injective’s growth vision.

The company remains dedicated to making INJ the central asset for its monetary strategies in the coming years.

Injective’s tokenomics spark interest

Meanwhile, such narratives indicate unwavering confidence in the altcoin’s long-term potential.

Besides futuristic developments in the AI field, Injective’s tokenomics likely fueled Pineapple’s move.

Unlike most cryptocurrencies, INJ doesn’t have impending token unlocks for private investors.

That eliminates dilution risks and unexpected volatility in the future.

All Injective tokens are already in circulation, allowing Pineapple Financial to build its crypto portfolio without lingering concerns.

Moreover, Injective uses its on-chain revenue to burn tokens. It has removed over 6.7 million INJ tokens from supply.

Pineapple’s continuous accumulation and staking amidst the blockchain’s pursuit for scarcity sets the stage for impressive growth for the network and its native token.

INJ price outlook

Injective painted its 24-hour chart green after the announcement, gaining 5.6% from $13.04 to $13.77 intraday.

The alt has retraced from the peaks to $13.62 at press time, with the recovering trading volume hinting at continued surges.

Chart by CoinmarketcapBullish technical indicators such as the MACD and the RSI support extended rallies for INJ in the near-term, with buyers targeting resistance around $15.

Meanwhile, prevailing broader sentiments will influence INJ’s short-term performance.

However, the emerging institutional interest positions the token for significant rallies amid market recoveries.

Other companies might follow Pineapple’s move to invest in Injective, considering the alt’s lucrative tokenomics.

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