- Top 1000 Ethereum whales actively trade more Chainlink than Shiba Inu and Crypto.com tokens put together.
- Chainlink’s trade volume surpassed $2 million, and the altcoin was more popular than SHIB and CRO tokens.
- Analysts set a bullish $38 target for LINK price based on a similarity between current and previous trends.
The top 1000 Ethereum whale wallets are actively trading Chainlink, and the altcoin is preparing for a comeback after prolonged consolidation.
Ethereum whales trigger a spike in Chainlink’s on-chain activity
Chainlink has dropped out of the top 15 cryptocurrencies by market capitalization and suffered prolonged consolidation. Chainlink continues to onboard new partners through its oracle service, leading to increased popularity for the altcoin over the past quarter.
The top 1000 Ethereum whale wallets are a major contributor to the rise in Chainlink trading volume. Chainlink has topped the list of most traded cryptocurrencies by whale wallets, dominating Shiba Inu and Crypto.com.
Chainlink is the sixth most popular cryptocurrency among traders, with $380 million in holdings of the top Ethereum whales. Proponents consider that the recent drop in Chainlink price may be linked to the risk-off trend in financial markets.
Chainlink network’s total value locked (TVL) exceeded $75 billion at the beginning of November 2021. Increasing exposure to the metaverse and the rise in partnerships in the DeFi ecosystem has triggered a spike in the growth trajectory of Chainlink.
Sergey Nazarov, co-founder of Chainlink protocol, recently tweeted:
As Chainlink’s decentralized services expand beyond validated data e.g., Keepers/Off-chain Compute & CCIP, the Chainlink economy grows in both the value secured ($80Bn+) and the fees generated from that security. Super-linear staking is being worked on to increase security & fees.
Analysts are bullish on LINK price and set a target of $38 for the altcoin before the end of 2021. @linkmarine007, a cryptocurrency analyst, has compared the LINK price trend with the previous cycle.
How $LINK gets to $500. All of this has happened before and all of this will happen again. #linkmarine old timers know this can happen. pic.twitter.com/2rHNWi5rOz
— D (@linkmarine007) November 19, 2021
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Fed’s Powell calls for proper crypto regulations as Bitcoin price shoots beyond $20,000
Bitcoin price is exploring highs above $20,000 on Tuesday after holding support at $18,800 for nearly four days. Green sprouts are noticeable across the market, led by Uniswap price’s 16.70% move to $6.60
Ethereum price eyes $1,450 as post-Merge tax problems arise
Ethereum price shows a steady climb over the last twelve hours as a direct consequence of the sudden spike in Bitcoin price, which influences the whole crypto market.
XRP price cools off before preparing for its next 100% rally
XRP price shows an interesting development in the lower time frame that hints at a potential retracement. The higher time frame scenario also entertains the possibility of a deeper pullback after its recent explosive move.
MATIC Price Prediction: These signals are key to catching Polygon’s 20% rally
MATIC price continues to consolidate around the range low for more than a week and shows no signs of breaking out. Investors should pay close attention and anticipate the bullish resurgence, which could trigger an explosive move.
Bitcoin makes a bullish comeback amid regulatory tension, but lacks confirmation
Bitcoin price takes the first step to recovery but needs solid confirmation that will arrive after a flip of the $19,539 level into a support floor. After a successful flip, investors could expect a move up to an intermediate hurdle at $20,737.