7 months ago
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Despite the numbers, on-chain data suggests that ZETA and INJ movements could be tied to token distribution to early investors.
Smart money wallets received over $20 million in ZETA, INJ, and WBTC in the past 24 hours, according to data analytics platform Nansen. ZETA got the most attention from investors with a considerable amount of capital, with $9.3 million directed to buying ZetaChain’s native crypto.
However, Nansen’s dashboard shows no buys registered from smart money for the past 24 hours when ZETA data is checked individually. To Crypto Briefing the company stated that the most plausible reason is that their platform identified the distribution of vested tokens to ZetaChain’s early investors.
Injective Protocol’s native crypto INJ registered over $6 million in accumulation in the last 24 hours made by two addresses labeled CMS and AU21 Capital. The latter is a venture capital fund which is one of Injective’s investors, per their portfolio, and their wallet received $3.8 million from an address with the “Token Millionaire” title.
Smart money flows in the last 24 hours. Image: NansenThe CMS address is ranked as a “Smart DEX Trader” on Nansen’s platform, which is the title given to top wallets ranked by realized profit on decentralized exchanges (DEX). This address received $2.5 million from the same “Token Millionaire” responsible for sending INJ tokens to AU21 Capital.
Given that the CMS wallet is also labeled as a “Private Sale Investor”, this might be a token distribution to early investors in the Injective Protocol. On-chain data platform Arkham Intelligence labels the “Token Millionaire” address as a wallet that could be tied to Injective.
The $4.8 million netflow in WBTC moved to new wallets in the last 24 hours was directed to Wintermute Trading, a market market in crypto. Wintermute got $5.4 million in total, and sold over $1.2 million through another wallet, according to Nansen.
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