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LINK Becomes Most Traded Token Among Ethereum Whales in Last 24 Hours

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Mon, 11/22/2021 - 08:50
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Arman Shirinyan
Though Chainlink fails to impress investors with strong price action, whales are still interested in trading it around
LINK Becomes Most Traded Token Among Ethereum Whales in Last 24 Hours
Cover image via stock.adobe.com

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Chainlink (LINK) becomes the most traded cryptocurrency among the 1,000 largest Ethereum wallets, according to the WhaleStats tracking service. The token's volume totaled $2 million approximately.

In the last 24 hours, whales chose to trade Chainlink more than more famous tokens like SHIB, CRO, OKB and others. According to the holdings leaderboard, Chainlink found itself remaining in sixth place, with $380 million in holdings among the largest wallets on the network.

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In the previous week, whales exited the majority of their previously opened positions due to a global market correction that took place on both the Bitcoin and altcoin markets. The most popular token for whales still remains the SHIB token.

Unfortunately for LINK holders, the token lost more than 7% of its value while gaining back approximately 9% on the weekend. The continued sell-off might be tied to Bitcoin's price action. The digital gold also lost around 4% on the weekend. Some analysts note that the cryptocurrency market correction might be tied to the global risk-off on financial markets.

Link Daily Chart
Source: TradingView

At press time, LINK is trading at $27.2 and losing 6.5% of its value. In the last month, Chainlink lost 17% and 30% of the local peak reached on Nov. 10 after Bitcoin also tested the new high.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.