A major whale, identified as address 0x41d, recently sold 243,699 INJ tokens worth $7.39 million over the past seven hours, causing a sharp 7.37% price decline. The sales were executed via Bybit and CoW Protocol at an average price of $30.31 per token. The breakdown of the transactions includes: – A deposit of 200,000 INJ ($6.06 million) to Bybit for sale. – The sale of 43,699 INJ for 1.327 million USDT through CoW Protocol. This whale has been a prominent long-term holder of INJ since February 2021. Over the years, they accumulated 610,179 INJ at an average price of $10.92 through various platforms, including Binance, Bybit, Gate.io, KuCoin, Amber Group, and decentralized exchanges. Most of these acquisitions occurred between February 2021 and July 2022. Whale Offloads Over 600,000 INJ To date, the whale has offloaded 605,159 INJ at an average price of $35.90, totaling $21.7 million. These sales occurred during INJ’s peaks on December 21–22, 2023, and November 28, 2024, maximizing profit potential. Currently, the whale holds only 5,000 INJ worth $146,600, having secured an impressive total profit of $15.21 million, reflecting a 228% return on their investment. 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 The whale’s large-scale sell-off highlights their ability to influence the market, with INJ’s price tumbling in response to these transactions. This significant activity underscores the potential impact of major holders on token volatility, leaving investors closely watching INJ’s next moves in the market. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: hryshchyshen/ 123RF // Image Effects by Colorcinch
