Chainlink (LINK) Witnesses Decline Amid Hike in Daily Transactions
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Chainlink's native token, LINK, has seen its value fall by over 20% in the past week, trading at $11.38. Despite this, daily transactions for LINK have surged, driven by a significant increase in large transactions. However, this uptick is not necessarily positive; it suggests that large holders, or whales, are offloading their tokens on exchanges. On-chain data shows an 82% rise in transactions valued between $100,000 and $1 million, and a 15% increase in transactions from $1 million to $10 million over the past month. This behavior has led to a 37% price decline, supported by a 29% rise in exchange inflow volume. Indicators like the Chaikin Money Flow also point to a continued downtrend, though a shift in market sentiment could potentially raise LINK's price to $13.02.
Source: beincrypto.com ↗
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