While Chainlink can’t impress investors with sharp price movements, whales are still keen to trade with it
Chainlink (LINK) is becoming the most traded cryptocurrency among the 1,000 largest Ethereum wallets, according to the tracking service WhaleStats. The volume of the token was approximately $ 2 million.
In the past 24 hours, whales have chosen to trade Chainlink more than more famous tokens like SHIB, CRO, OKB and others. According to the inventory, Chainlink remained in sixth place among the largest wallets on the network with an inventory of $ 380 million.
The previous week, whales left the majority of their previously opened positions due to a global market correction that took place in both the bitcoin and altcoin markets. The most popular token for whales is still the SHIB token.
Unfortunately for the LINK holders, the token lost more than 7% of its value and regained about 9% over the weekend. The ongoing sell-off could be related to Bitcoin’s price action. Digital gold also lost around 4% over the weekend. Some analysts point out that the correction in the cryptocurrency market could be linked to the global risk mitigation in the financial markets.
At the time of going to press, LINK is trading at 27.2 and is losing 6.5% of its value. Last month, Chainlink lost 17% and 30% of the local high it hit on November 10th after Bitcoin also tested the new high.