A list of the tokens that “smart money wallets” were purchasing or selling last week was released by experts from The DeFi Edge newsletter, which covers advancements in Web3 and blockchain. It appears that big investors are moving towards more dependable items in preparation of a bull run.
Chainlink (LINK), Pendle (PENDLE) in focus for smart money
The owners of sizable and prosperous cryptocurrency wallets eagerly bought Chainlink (LINK), Pendle (PENDLE), and Ribbon Finance (RBN) in early December 2023. Crypto big dogs showed interest in buying infrastructure and DeFi cryptocurrencies, to put it in categories.
https://x.com/thedefiedge/status/1730548280193671660?s=20
For the second week in a row, The DeFi Edge researchers noted that LINK, the primary native token of Chainlink, the biggest decentralised oracles network, is included among the top cryptocurrencies for purchasers.
The price of LINK rose from $14.32 to $15.83 in nearly a day, marking a 10.7% increase.
While Ribbon Finance (RBN) has gained more than 33% in the past week, the price of PENDLE, the governance and incentives token of the multi-blockchain yield farming protocol Pendle Finance, has increased by 2% in the previous 24 hours.
The newsletter’s representatives said that this may be a sign of large-scale investors’ moderate conservatism:
Until retail’s back, it appears that preferences are shifting in favour of more established processes.
With a total market value of $1.46 trillion over the past 24 hours, the cryptocurrency markets have remained largely unchanged.
Shiba Inu (SHIB) competitor PEPE sold en masse
Two of the most anticipated meme currencies of 2023, GROK and PEPE, are seeing significant sell-offs per contract. In the past seven days, there has been a cash outflow from the meme cryptocurrency market as well as from NFT-focused cryptocurrencies.
The biggest withdrawals were seen at the same period among owners of BLUR, the native cryptocurrency of the well-known NFT marketplace Blur. This might be explained by the backlash to the Blur-related L2 platform Blast.
Finally, the scientists saw a decrease in the amount of stablecoin that smart wallets across different networks were holding. This important signal fell by 50% during the previous six weeks, which may indicate that investors are getting ready to initiate a bullish surge.
