The surge in the price of Inu, an Ethereum-based decentralized finance (DeFi) token, has been attributed in part to whales potentially targeting the token for investment. The coin recently emerged as a solution for users who want to stake their holdings and mine coins without having to pay large up front mining costs. This has attracted the attention of larger, more experienced investors.
Inu’s value has increased by more than 14 percent over the past day, climbing to over $1.60. This is on top of a sharp rally that began in late April, when the coin was valued at just $0.24.
The current rally has been fueled by a wave of liquidity injections on Ethereum, with traders looking to capitalize on the spike in trading activity. Additionally, with more institutional funds increasingly taking part in the DeFi market, whales may be targeting Inu as one of the best opportunities to yield profits.
In addition, while the DeFi market is still in its nascent stages, the market capitalization of nearly $100 billion shows that it is now an attractive proposition for savvy investors. With this in mind, it’s possible that whale investors are looking to take advantage of the pricing arbitrage opportunities available in the DeFi space.
Ultimately, time will tell whether Inu’s current surge in value is the start of a more sustainable trend, or whether the token is just a flash in the pan.