As a seasoned crypto investor with a knack for spotting promising projects and navigating market volatility, I find today’s bullish momentum of Injective (INJ) intriguing. After a series of dips over the past fortnight, INJ’s 10% surge in the last 24 hours, pushing it to $17, has caught my attention. The asset’s market cap now hovers around the $1.6 billion mark, making it the 45th-largest cryptocurrency – a significant position in this rapidly evolving space.
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Injective (INJ) is up 10% in the past 24 hours and is trading at $17 at the time of writing. The asset’s market cap is currently hovering around the $1.6 billion mark, making it the 45th-largest cryptocurrency.
INJ’s daily trading volume surged 24%, surpassing the $100 million mark.
Additionally, INJ momentarily peaked at $17.58 during the trading day due to escalating selling actions by significant investors, often referred to as ‘whales’
Based on Santiment’s data, the quantity of INJ held by whales decreased from 94 million on September 3 to 93 million at the current reporting time. This reduction suggests that some whales may have already disposed of their Injective tokens as the price dipped down to $15.3
According to data from our market intelligence tool, the inflow of funds into the Injective exchange has significantly dropped from approximately 49,200 to just 6,900 in the last 24 hours. This decrease in net flow may suggest a reduction in selling pressure
The INJ price might remain within a stable range for now, awaiting substantial push, but keep in mind the market conditions could shift due to multiple variables
According to data from Santiment, the current Relative Strength Index of Injective is 45, suggesting that at this price level, investor activity towards the asset appears balanced or neutral
One factor boosting the price of INJ was the company’s introduction of a token linked to an index that reflects the holdings of BlackRock’s BUIDL fund, which could influence its supply
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2024-09-05 10:04