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In a noteworthy display of expertise in crypto trading, a well-known whale has gained substantial profits from the digital token $INJ. As per Onchain Lens, an on-chain data and analytics firm, the whale obtained a remarkable profit of $1.78M by accumulating $INJ coins in Coinbase. The analytics provider took to social media to disclose this development.
After accumulating $INJ from #Coinbase for the last 3 months, the whale has deposited them back to #Coinbase.
The whale accumulated 124,558 $INJ worth $2.3M. Currently, these $INJ are worth $4.06M, resulting in a profit of $1.78M.
Wallet:… pic.twitter.com/7vBBkeRgtO
— Onchain Lens (@OnchainLens) December 8, 2024
Crypto Whale Accumulates 124,558 $INJ on Coinbase, Earning $1.78 in Gains
Onchain Lens asserted that the whale had been spending funds to accumulate $INJ tokens on Coinbase for the last three months. As a result of this, the strategic accumulation of $INJ has ultimately resulted in a $1.78M in profit. The data reveals that the whale amassed up to 124,558 $INJ tokens over these months. The whale reportedly spent nearly $2.3M for this accumulation.
$INJ is the Injective Protocol’s native crypto token. It has gained significant attention with its exceptional performance in the DeFi landscape. The project has been making waves based on its widespread utility across the decentralized trading, cross-chain bridging, as well as derivatives sectors. In line with this surging reputation, the whale accumulated huge amounts of $INJ to capitalize on its popularity.
The Recent Price Rally of $INJ Leads to the Whale Accumulation
The amassed $INJ tokens’ value reportedly surged to a staggering $4.06M. The key reason behind this was the resilient price rally of the token in the previous weeks. According to Onchain Lens, this spike led to $1.78M in net gains for the whale, reflecting the profitable potential of the well-timed crypto investments.
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