Injective (INJ) has gained 10% in the past 24 hours despite consecutive declines over the past two weeks.
Injective Price Dynamics
As of the time of writing, INJ is trading at $17, positively impacting its market cap, which stands at approximately $1.6 billion. This growth places Injective as the 45th-largest cryptocurrency.
Trading Volume Analysis
INJ’s daily trading volume surged 24%, surpassing the $100 million mark. The asset briefly reached an intraday high of $17.58 amid significant selling pressure from whales.
Whale Impact on the Market
According to data from Santiment, the amount of INJ supply held by whales declined from 94 million on September 3 to 93 million at the reporting time. This indicates that some whales have sold their holdings as the price was falling. Concurrently, exchange net inflows have also decreased from 49,200 to 6,900 units, suggesting lower selling pressure.
The decline in INJ supply among whales and the launch of a tokenized index tracking BlackRock’s BUIDL fund contribute to the asset's price growth. However, future dynamics will hinge on numerous market factors.
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