Pineapple Accumulates 7% of Injective Supply After IIP-619 Approval

Injective (INJ), a Layer 1 blockchain project for DeFi, surged more than 12% following approval of governance proposal IIP-619. The proposal aims to significantly upgrade Injective’s real-time EVM architecture, strengthen support for next-generation payments, and expand the MultiVM ecosystem.

A total of 99.99% of staked participants voted in favor of IIP-619. After the announcement INJ rose from $3 to $3.40 and at one point peaked at $3.95, drawing investor attention after months of continuous decline. Pineapple Financial’s dashboard shows it has accumulated more than 7 million INJ, equivalent to 7% of Injective’s total supply, increasing holdings throughout February.

Artemis data indicates daily transaction fees remain around 14,000 INJ and have trended upward, signalling ongoing on-chain activity. Everstake commented: "Compare that to 2022 levels, the difference is night and day. When fees keep rising over time, it shows that activity is real.

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