Oracle network Chainlink (LINK) surpasses Uniswap (UNI) among the 1,000 largest Ethereum addresses by transaction volume. LINK price is also reacting to this activity with a 6.40% rise. However, Shiba Inu (SHIB) still could not be surpassed in the ranking of the most purchased token. Let’s take a quick look at the latest whale movements.
SHIB hasn’t given up yet
While decentralized exchange Uniswap (UNI) remains the most held token among whales, LINK is prominent in trading volume, meaning whales are selling or filling their wallets with LINK. However, purchasing power is more dominant relative to the current price action. Excluding exchanges and projects from these metrics, Ethereum whales have $360 million worth of Chainlink ownership, just 1.85% of all funds concentrated among their wallets. On the other hand, although LINK ranked first as the most traded token in the last 24 hours, SHIB ranks 5th and LINK 6th among the 10 most purchased tokens.
How can whale behavior be interpreted?
Increasing LINK volume could be a positive sign for the market, as the high trading volume of a bullish altcoin project could provide more fuel for a continuation model. Trading volumes generally tend to decline at the top of trends. For the aforementioned LINK, the current trading volume tends to decrease but still remains above average.
At the time of writing, LINK is trading at $26.13, up 5.33% in the last 24 hours. cryptocoin.com As we reported, LINK had previously approached 30% of its $52.88 ATH. After the global cryptocurrency market correction, LINK became cheaper with additional drops.
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