TL;DR
- A major investor has sold over 150,000 Injective (INJ) tokens for more than $3.29 million and reinvested in 2.44 million Lido DAO (LDO) worth over $3.05 million.
- The sale of INJ caused a 3% drop in its price, settling around $21.24, while weekly gains decreased by approximately 14%.
- The purchase of LDO reflects an optimistic outlook toward Lido, with a 5.2% increase in its price over the last 24 hours and a cumulative gain of 34.9% over the past week.
A significant investor in the cryptocurrency market has executed a massive transaction, selling more than 150,000 Injective (INJ) tokens for a value exceeding $3.29 million.
Subsequently, according to data provided by Lookonchain, the whale has decided to reinvest their funds in 2.44 million Lido DAO (LDO), which amounts to over $3.05 million. This operation has placed Lido in the spotlight, as the decentralized finance (DeFi) platform and leader in Ethereum staking is gaining considerable relevance.
A whale sold 150,428 $INJ($3.29M) and bought 2.44M $LDO($3.05M) via #Cumberland in the past 30 hours.https://t.co/4L8vFWcIng pic.twitter.com/ESXmWIGoFJ
— Lookonchain (@lookonchain) September 25, 2024
Lookonchain revealed the details of the transaction, which was carried out through Cumberland, a cryptocurrency liquidity provider. As the whale proceeded to sell its substantial amount of INJ, the price of this token fell by 3%, later recovering to around $21.24.
Injective Still Far From Its All-Time High
The price drop also caused the weekly gains of INJ to shrink by approximately 14%. It is worth mentioning that the value of INJ had reached a peak of $22.70 the previous day, a level that has represented resistance since August 24. Despite the recent decline, INJ is still 59% below its all-time high of $52.62, reached on March 14, 2024.
On the other hand, the whale’s purchase of LDO indicates an optimistic perspective towards the Lido platform. In the last 24 hours, the price of LDO has experienced a 5.2% increase, reaching a high of $1.29.
Moreover, LDO has shown outstanding performance over the past week, with a cumulative increase of 34.9%. The renewed interest in Lido translates into a strengthening of its position within the DeFi ecosystem, which could have implications for the adoption of its staking platform on Ethereum.
