Per the WhaleStats tracking site, Chainlink (LINK) has become the most exchanged virtual currency among the 1,000 biggest Ethereum wallets.
The token’s entire trading volume was around $2 million. Whales choose to trade Chainlink above more well-known cryptocurrencies such as SHIB, OKB, CRO, and others.
Per the holdings scoreboard, Chainlink had around $380 million in reserves, maintaining its position as the sixth-largest wallet among the top wallets on the network.
Whales have sold off the bulk of their previously established positions in recent weeks as a result of the worldwide market downturn that has taken place in both the Bitcoin and Altcoin currencies.
The SHIB token still seems to be the most favored token among whalers. Regrettably for LINK holders, the token’s value dropped by more than 7% in the prior month, before rebounding by around 9%.
The prolonged sell-off may be linked to the price movement of Bitcoin. At the time, digital gold was also down by around 4% on the market. Some observers believe that the recent drops in the cryptocurrency markets may be linked to the worldwide risk-off trend in financial markets.
Chainlink has flipped the UNI token in terms of trading volume among the top 1,000 Ethereum wallets. At the moment, the token is seeing a modest 2.8% increase.
While UNI continues to be the most widely held token among big addresses, Link has the highest trading volume, indicating that whales are either dumping or purchasing the asset at the time of publication.
However, based on the present price movement, purchasing power appears to be greater than selling pressure.
When excluding exchanges and initiatives, whales presently possess $360 million in Link tokens, accounting for just 1.85% of total wealth concentrated among the top Ethereum blockchain accounts, according to CoinMarketCap.
Volumes Are Increasing
However, even though Link has surpassed Shiba Inu as the most exchanged token in the previous 24 hours, it is still trailing behind the token.
Shiba Inu is in 5th place amongst the top 10 most bought tokens, while Link is in 6th position.
The increasing trading activity on the Link token may be viewed as a positive indication for the market, as more trading activity for a commodity in a bullish trend may serve as the propellant for the trend to continue in that direction.
Trading volumes tend to fall at the peak of the current trend. In the instance of Link, the current trade volume is on the decline, but it is still much higher than the industry average.
At the time of publication, Chainlink was trading at $26.40, representing a 9.7% rise in price over the previous four days.
The previous time this happened, Chainlink dropped 30% of its price from its all-time high position on the chart. Following the downturn in the global cryptocurrency industry, Link got even more affordable, with its price lowered by an additional 8%.