đ
$INJ Whale Sells Big: $7.39M Offloaded, Triggers 7.7% Price Drop
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.
đŹ A long-term INJ holder with a $15M profit offloaded 243,699 INJ ($7.39M) to Other markets in the past 12 hours, reportedly triggering a 7.7% price drop!Notably, this whale accumulated most of the tokens early (Feb 2021âJul 2022), at an average price of ~$10.92, laterâŚâ 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 Injectiveâs native utility token, INJ.
đ¸ 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 whaleâs leaving could point to lower faith in
#Injective at current levels, influencing smaller investorsâ choices.