Chainlink is currently spiking much interest from crypto addresses. LINK has not recorded major gains like most tokens in the market, as its yearly gains come in at around 85%. However, the current on-chain activity shows that this might change.
The current data shows that the LINK token has surpassed UNI in terms of trading volumes among the 1000 largest addresses on the Ethereum blockchain. Moreover, data from Coingecko shows that the token has gained by around 6.3% during the past 24 hours.
LINK whale activity is high
The increased trading volumes could show that whale addressing are buying or selling the token. However, the current data shows that buying pressure could be higher than the selling pressure because of the token’s rising value.
LINK tokens have some of the lowest whale addresses. Whales on the blockchain currently hold $360M worth of LINK tokens, equivalent to around 1.85% of all the funds on the largest Ethereum blockchain wallets. The number of whale accounts for LINK tokens does not include projects and exchange platforms.
Increased trading volumes are a positive sign for LINK
LINK is currently ranking as one of the most traded tokens during the past 24 hours. CoinGecko shows that the 24-hour trading volumes for the LINK token come in at over $896 million on all exchanges.
Despite the increased statistics, LINK is still ranking below Shiba Inu. Shiba Inu is still the most traded meme coin, and it currently ranks as the fifth most-purchased token on the blockchain.
The rising trading volumes for the LINK token could be a sign of a bullish trend. If the trading volumes continue rising, the LINK token could be headed towards major gains for the short term.
At the time of writing, the LINK token is trading at $26.55, a 6.3% gain in 24 hours. LINK is currently 50% short of reaching its all-time high of $52.70, created on May 10, when the crypto market peaked. With the current uptrend, such levels could be achieved again.
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