Injective price has been seeing nominal growth since December 2023, but the altcoin did manage to mark a new high this month before correcting.

Despite being stuck in the sideways channel, INJ has managed to chart a new all-time high thanks to the support from this particular group of investors.

Whales Have Injective Covered

One of the most important cohorts for Injective is the whales. These large wallet holders tend to influence the price direction based on their actions on-chain. When these addresses accumulate, prices rise, and when they opt to sell for profits or offset losses, the price goes down.

Such is the case with Injective, as the addresses holding between 100,000 to 1 million INJ have been added to their supply. In the past week, their holdings have grown from 9.34 million INJ to 9.67 million INJ. This acted as a huge boost to the price, which resulted in the rally over the past 24 hours.

Furthermore, retail investors have also been indirect

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Author: Aaryamann Shrivastava

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