On-chain data indicates that ZETA and INJ movements may be connected to token distribution to early investors, notwithstanding the low quantities.
According to data analytics platform Nansen, smart money wallets have received over $20 million in ZETA, INJ, and WBTC in the last 24 hours. Largely capitalising investors showed the greatest interest in ZETA, allocating $9.3 million to purchase the native cryptocurrency of ZetaChain.
When ZETA data is examined separately, Nansen’s dashboard does not display any purchases that have been recorded from smart money within the previous 24 hours. According to the company’s statement to Crypto Briefing, the most likely explanation is that their technology discovered the distribution of vested tokens to ZetaChain’s initial investors.
Two addresses named CMS and AU21 Capital have amassed almost $6 million in Injective Protocol’s native cryptocurrency, INJ, in the previous 24 hours. The latter is a venture capital firm that, according to their portfolio, invests in Injective; $3.8 million was received by their wallet from an address bearing the title “Token Millionaire.”
On Nansen’s platform, the CMS address is classified as a “Smart DEX Trader,” a distinction bestowed upon the top wallets rated by realised profit on decentralised exchanges (DEX). The same “Token Millionaire” that sent INJ tokens to AU21 Capital also sent $2.5 million to this address.
This might be a token payout to early Injective Protocol investors, given the CMS wallet is also identified as a “Private Sale Investor.” The “Token Millionaire” address is identified by the on-chain data platform Arkham Intelligence as a wallet that could be connected to Injective.
In the last day, a netflow of $4.8 million in WBTC was transferred to new wallets, with Wintermute Trading being the beneficiary. According to Nansen, Wintermute received $5.4 million in total and sold more than $1.2 million through a different wallet.
