Whale Activity Doubles, Resulting in INJ Reaching New Record High
Injective (INJ) has experienced impressive growth since December 2023 and recently reached a new all-time high (ATH). Currently, INJ is up by 15% in the past 24 hours and is trading at $48.8. On March 13 at 01:00 UTC, the asset reached a new ATH of $52.65 with a total market cap of $4.92 billion.
This is the second time in the past two weeks that INJ has reached record highs, indicating the ongoing bull run in the market. According to data from Santiment, the number of whale transactions involving at least $100,000 worth of INJ tokens has increased by 90% in the past day, rising from 56 to 106 unique transactions per day.
When an asset’s whale activity experiences a sudden increase, higher price volatility is typically expected. Additionally, Santiment’s data reveals that Injective’s exchange flow balance has been consistently decreasing since March 9. Over the past 24 hours, investors have sent over 134,000 INJ tokens, equivalent to $6.6 million, from cryptocurrency exchanges to their self-custodial wallets.
This accumulation suggests that some investors are seeking long-term investments rather than short-term profits. On the other hand, INJ’s Relative Strength Index (RSI) has seen a 7% increase in the past 24 hours, rising from 61 to 65. This indicates that Injective may be slightly overheated at the moment, and an RSI lower than 60 would signal a bullish momentum.
