While Chainlink (LINK) failed to impress investors with its strong price action, whales still seem interested in trading it.
Chainlink (LINK) has become the most traded cryptocurrency among the top 1000 Ethereum wallets, according to WhaleStats. The volume of the token reached approximately $2 million. In the last 24 hours, whales have chosen to trade more Chainlink than more famous tokens such as SHIB, CRO, OKB and others. According to the holding leaderboard, Chainlink ranks sixth among the largest wallets in the network with holdings of $380 million.
Last week, whales exited most of their previously opened positions due to the global market correction taking place in both the Bitcoin and altcoin markets. The most popular token for whales still remains SHIB.
Unfortunately for LINK holders, the token lost more than 7% of its value while regaining about 9% over the weekend. The continued sell-off could be linked to Bitcoin’s price action. Digital gold also lost about 4% over the weekend. Some analysts state that the cryptocurrency market correction may be due to the global risk in the financial markets.
At the time of writing, LINK was trading at $27.46 and has lost 3% of its value. Last month, Chainlink lost 17% and 30% of the local peak reached on November 10 after Bitcoin tested the new high.