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Chainlink (LINK) Adds 10%, Becomes Most Purchased Token

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Sat, 2/12/2023 - 18:48
Chainlink (LINK) Adds 10%, Becomes Most Purchased Token
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Experts of The DeFi Edge newsletter covering developments in Web3 and blockchain shared a ranking of the tokens "smart money wallets" were buying or selling last week. It looks like in anticipation of a bull run, large investors are turning toward more predictable products.

Chainlink (LINK), Pendle (PENDLE) in focus for smart money

Chainlink (LINK), Pendle (PENDLE) and Ribbon Finance (RBN) were actively purchased by owners of large and successful cryptocurrency wallets in early December 2023. In terms of categories, crypto fat cats demonstrated interest in purchasing DeFi and infrastructure altcoins.

LINK, the core native token of the largest decentralized oracles network Chainlink, is ranked in the top list of coins for buyers for the second week in a row, The DeFi Edge analysts added.

In almost 24 hours, the price of LINK surged from $14.32 to $15.83 and printed a 10.7% upsurge.

The price of PENDLE, the governance and rewards token of the multi-blockchain yield farming protocol Pendle Finance, added 2% in the last 24 hours, while Ribbon Finance (RBN) added over 33% in the last week.

The representatives of the newsletter opined that this might be an indicator of moderate conservativeness demonstrated by large-scale investors:

It seems that there’s a shifting preference towards more established protocols at least until retail's back

The aggregated capitalization of cryptocurrency markets is almost stable in the last 24 hours, sitting at $1.46 trillion in equivalent.

Shiba Inu (SHIB) competitor PEPE sold en masse

By contract, PEPE and GROK, two of the most overhyped meme coins of 2023, are going through massive sell-offs. The meme cryptocurrencies segment together with NFT-centric cryptos witnessed an outflow of funds in the last seven days.

At the same time, the largest outflows were registered amid holders of BLUR, the native cryptocurrency of the dominant NFT marketplace Blur. This might be attributed to criticism caused by the Blur-associated L2 platform Blast.

Related
Blast L2 Risks: Two Major Concerns by Analysts

Last but not least, the analysts noticed a decline in stablecoin allocation held by smart wallets on multiple chains. In the last six weeks, this crucial indicator dropped by 50%, which might hint at potential readiness of investors to kickstart a bullish rally.

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