Chainlink: Trading volume increase with ethereum whales activity
Chainlink's [LINK] revival hopes may have been heavily fueled by Ethereum [ETH] whale activities. According to whale tracking platform, WhaleStats, LINK has entered the top ten assets in terms of trading volume that ETH whales have traded in the last 24 hours.
Based on data from Whalestats, LINK is ranked eighth by trading activities. While LINK surpasses Uniswap [UNI], the transaction value is far from ETH itself. While the value of ETH is as high as $727,677, LINK is a small $608.
Despite the helping hand, LINK doesn't seem to be motivated in every way. A look at its on-chain metrics shows that although LINK has improved across its network performance, there is a decline in some other parts. According to Glassnode, addresses active around 1,422 on September 10 have increased to 1,743.
The increase in ETH whale activity is also evident in its total transfer volume. On-chain analytics shows that LINK's transfer volume is more than 5 times more than it was two days ago. Although it was $3.28 million on the date mentioned, the transfer volume has grown to $16.29 million at press time.
Not all is good
However, these challenges do not come without challenges of their own. The other sections do not follow the increased total number of NFT transactions.
According to Santiment data , LINK's total NFT transactions are down to two. Similarly, the volume with over $100.00 NFT transactions has dropped from $470,000 to $107,000.
Considering that LINK recently added a new NFT project to its chain, these statistics are surprising.
Additionally, the supply of LINK on exchanges has dropped to 18% despite ending August at a much higher level.
Looks like LINK traders have exited their currency positions. This is because the number of active deposits in the last 24 hours has decreased from 28 to seven.
At press time, LINK is down 4.03% from the previous day's price. CoinMarketCap shows its price at press time at $7.75.
Volume is also down 15% indicating that much liquidity is not entering the ecosystem. Given the current movements, it seems that LINK is not ready to follow the “green path” it has taken before.
Sep 14, 2022