A massive INJ whale has made $7.39 million from selling 243,699 $INJ tokens in just 12 hours. This sudden sale put pressure on the market because there were a lot of tokens suddenly available for buyers, leading to a 7.7% price drop.
According to Spot On Chain, the majority of the tokens from this investor were bought between February 2021 and July 2022 at an average token value of $10.92. The Whale began selling the tokens in 2023 and 2024 at a token price of $35.9 through CowSwap and ByBit.
A long-term $INJ holder with a $15M profit offloaded 243,699 $INJ ($7.39M) to #Bybit and #CowSwap in the past 12 hours, reportedly triggering a 7.7% price drop!
Notably, this whale accumulated most of the tokens early (Feb 2021–Jul 2022), at an average price of ~$10.92, later… pic.twitter.com/KetMXtiruZ
— Spot On Chain (@spotonchain) November 28, 2024
Injective is a fast, scalable, and integrated layer-one protocol to create top-tier Web3 financial applications. It has created the biggest and the fastest evolving Web3 financial ecosystem. From protocol governance to decentralized application value capture, proof-of-stake security, developer incentives, and staking, there are numerous applications for Injective’s native utility token, INJ.
More About INJ Whale Activity
First, between February 2021 and July 2022, the whale bought tokens at an average price of $10.92. The whale deliberately waited for the price to reach $35.9 between the two price bubbles in 2023Q1 and 2024Q1 to meet the target of 2.3 times and $15,210,738 in overall earnings for himself over 3.5 years.
The instant price pressure resulting from this sell-off shows how very sensitive the market price of the token is to major whale activity. Using decentralized (CowSwap) and centralized (Bybit) exchanges shows a wish to minimize too visible or slippage while liquidating. The whale’s leaving could point to lower faith in $INJ at current levels, influencing smaller investors’ choices.
This occurrence emphasizes the importance of whales in the crypto market, as the actions of one individual could lead to notable price fluctuation. It might also cause traders to keep a close eye on on-chain activities for potential whale migration that might influence the price of the token.
