- In the early trading hours of Friday, INJ rallied to an all-time high of $49 on Kraken.
- While the growth was notable, the volumes of the trade that led to it were low.
- On the daily market, the token continues to see increased demand.
The Injective Protocol (INJ) token witnessed a surprising spike on Friday, reaching $49 on the Kraken exchange to mark its all-time high.
However, the price surge lacked significant backing, as the trading volume remained relatively low, crypto research analyst Riyad Carey noted in a post on X (formerly Twitter).
INJ spiked up to $49 on Kraken on not a ton of volume. The two big overlapping trades were only worth about $70k and $40k pic.twitter.com/IhERlhoO74— Riyad Carey (@riyad_carey) December 22, 2023
According to Carey, the two largest trades responsible for the jump were reportedly worth only $70,000 and $40,000, respectively.
This suggests the surge might have been due to specific market manipulation or whale activity rather than broad market optimism.
The alt’s price has since been corrected to trade at $39 at press time.
INJ maintains momentum
INJ has seen significant price growth in the last mo…
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