TL;DR

INJ jumped over 12% after IIP-619 passed, trading near $3.387 and printing an intraday spike to $3.95, despite broad weakness.
The proposal won 99.99% support from staked participants and targets upgrades to Injective’s MultiVM, including deeper Chainlink oracle integration.
Pineapple Financial said it accumulated over 7 million INJ, 7% of supply, while daily fees sit around 14,000 INJ, but sentiment stays cautious with INJ still 90% below its all-time high.

Injective (INJ) ripped higher after a key network governance vote cleared, outperforming a broader altcoin tape that stayed heavy. A single approval became a sentiment reset for INJ as the token jumped more than 12% and traded around $3.387, according to an official market update. Another factor pulling attention back was Pineapple Financial’s disclosed accumulation under its DAT initiative, which the update linked to renewed institutional interest. The item IIP-619 targets upgrades to Injective’s MultiVM EVM. Even with the bounce, the token remains more than 90% below its all-time high, keeping risk teams cautious.

99.99% of stakers have voted YES for IIP-619 to release a brand new Injective mainnet upgrade that launches the most advanced MultiVM architecture to date.

Novel models for interoperability. Faster speeds. Dynamic RWAs. And much more.

Voting officially closes in 17 hours.

— Injective (@injective) February 18, 2026

Catalysts Behind INJ Surge

The governance greenlight centered on IIP-619, a proposal designed to upgrade Injective’s real-time EVM architecture and broaden the network’s MultiVM footprint. Governance passed with near-unanimous validator support as 99.99% of staked participants voted in favor, setting expectations for a faster and higher-capacity execution layer across multiple virtual machines. Following the official announcement, INJ climbed from about $3 to roughly $3.40 and, at one point, spiked to $3.95. The proposal also points to deeper integration with Chainlink oracles for real-time feeds. It strengthens payments support and aims to improve pricing data for derivatives and RWAs.

Alongside the protocol catalyst, Pineapple Financial said a new dashboard shows it has accumulated more than 7 million INJ, equal to 7% of total supply, with holdings rising through February. A large, disclosed holder is acting like a stabilizing bid even as broader altcoin sentiment remains cautious. On-chain, Artemis data put daily transaction fees around 14,000 INJ, extending a multi-year uptrend that signals sustained usage. Everstake argued that rising fees over time reflect real staking, building, and trading rather than passive holding. But analysts warned these positives may not offset the sector’s risk aversion.

For portfolio managers, the move reads less like a breakout and more like a stress test of narrative durability. Execution risk now replaces hype as the core KPI because IIP-619 must translate into measurable throughput, better developer experience, and reliable oracle-connected pricing for DeFi workloads. With INJ still more than 90% below its all-time high, incremental inflows matter, and the market will watch whether DAT’s accumulation continues or pauses. If network fees and participation stay firm, the rally can build credibility; if not, it risks fading into mean reversion. Next checkpoints are upgrades, flows.

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Filed under: News - @ February 19, 2026 8:26 pm