While Chainlink doesn’t impress investors with strong price action, whales are still interested in trading it.
Chainlink (LINK) becomes the most traded cryptocurrency among the 1,000 largest Ethereum wallets, according to the WhaleStats tracking service. The token volume was around $ 2 million.
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 ranking, Chainlink ended up in sixth place, with $ 380 million in holdings among the largest portfolios in the network.
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 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 selling could be linked to Bitcoin’s price action. Digital gold also lost around 4% over the weekend. Some analysts note that the cryptocurrency market correction might be tied to the global risk-off on financial markets.
At the time of going to press, 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.
