Injective Whales Go On $24.8 Million Buying Spree, Is This The Next Solana?

Crypto whales have recently amassed large amounts of Injective (INJ), potentially signaling a price increase. Such an uptick could provide welcome relief to INJ token holders who have experienced significant losses in the past week.

Crypto Whales Buy $24.8 Million Worth Of INJ

According to information obtained from market intelligence platform Santiment, large investors, referred to as Whale Addresses, have recently acquired $24.8 million worth of INJ tokens. Consequently, their INJ holdings now amount to 10.69 million tokens. Given the influence whales wield in the crypto market, this substantial investment serves as a potential price catalyst for INJ.

Over the past week, Injective, similar to the wider cryptocurrency market, has experienced a continuous drop, decreasing by more than 14%. This setback also resulted in a significant reversal for the crypto token, leading to a YTD loss of over 9%. This is surprising news for a token that saw an astounding 3000% increase in 2023 and even surpassed Solana (SOL) in performance, which was a major topic of discussion last year due to its impressive rally.

An significant adjustment, such as this one for INJ‘s price, was anticipated given its robust surge last year. This upward trend might have indicated that the crypto token became overbought at certain points, necessitating a decline for it to regain footing and potentially resume its upward trajectory.

Injective Could Follow Solana’s Trajectory

Crypto expert Crypto Dona has proposed that Injective might mimic Solana’s price trend from last year. During that time, Solana’s price hovered around the $20 mark for over three months before it unexpectedly surged and experienced a nearly tenfold price increase.

An analyst who follows cryptocurrencies believes INJ‘s price may increase by ten times its current value, given Injective’s status as an AI coin. With the bull market nearing its end, Injective is expected to continue garnering significant interest. This heightened attention could lead to increased liquidity within its ecosystem, potentially boosting INJ‘s price.

Lately, large crypto investors, known as whales, have bought more of the crypto token, indicating their confidence in its future growth. Members of the INJ community are similarly hopeful about the token’s rise, with Crypto Dona predicting that it will eventually reach triple-digit prices.

Currently, INJ is approximately priced at $32 on the markets, representing a decrease of more than 5% within the past 24 hours based on information provided by CoinMarketCap.

Injective Whales Go On $24.8 Million Buying Spree, Is This The Next Solana?

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2024-04-04 19:16