The 1,000 largest Ethereum whales are actively trading Chainlink (LINK) more than Shiba Inu (SHIB) and Crypto.com (CRO) tokens combined. Crypto analyst Ekta Mourya states that Chainlink’s trade volume has exceeded $2 million and the altcoin project has become more popular than SHIB and CRO tokens. Some analysts, on the other hand, give a bullish target of $38 for LINK price based on the similarity between current and previous trends. For details cryptocoin.com You should keep reading.
Whales cause spike in Chainlink’s on-chain activity
Ekta Mourya says that the top 1,000 Ethereum whale wallets are actively trading Chainlink and the altcoin is poised for a comeback after prolonged consolidation. Chainlink fell from the top 15 cryptocurrencies by market cap and experienced prolonged consolidation. The altcoin continues to gain new partners through its Oracle service, leading to increased popularity for Chainlink in the last quarter.
Meanwhile, the top 1,000 Ethereum whales tracked are contributing greatly to the increase in Chainlink trading volume. Chainlink topped the list of most traded cryptocurrencies by whale wallets, dominating Shiba Inu and Crypto.com. The analyst states that Chainlink is the sixth most popular cryptocurrency among traders, with the top Ethereum whales holding $380 million worth of shares. Altcoin supporters think that the recent drop in Chainlink price may be linked to the risk aversion trend in the financial markets.
Analysts set a target of $38 for the altcoin price
The Chainlink network’s locked total value (TVL) exceeded $75 billion at the beginning of November 2021. According to the analyst, the growing interest in the metaverse and the increase in partnerships in the DeFi ecosystem has resulted in an increase in Chainlink’s growth trajectory. Sergey Nazarov, co-founder of the Chainlink protocol, recently shared the following on Twitter:
As Chainlink’s decentralized services expand beyond verified data such as Keepers/Off-Chain Compute and CCIP, the Chainlink economy grows in both the secured value ($80 billion) and the fees generated from this security. Working on super linear betting to increase security and fees.
Analysts are optimistic about LINK price and have set a target of $38 for the altcoin before the end of 2021. Linkmarine007, a cryptocurrency analyst, compares the LINK price trend to the previous cycle:
How does LINK reach $500? All of this has happened before and all of this will happen again. linkmarine oldtimers know this can happen.
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