Over the last few days, Ethereum whales have been loading up on Chainlink (LINK). In fact, LINK has overtaken Yearn Finance as the most traded asset by whales. So, what does this mean? And should you also follow this whale money? Here are some highlights:
- As of now, LINK is the most traded crypto by 1000 of the biggest Ethereum whales.
- This suggests that large ticket investors are bullish on LINK in the near and medium-term.
- At press time, LINK was trading at $13.24, down around 6% over the last 24 hours.
Data Source: Tradingview
Why are ETH Whales buying Chainlink (LINK)
It is important to keep in mind that 100 of the largest Ethereum wallets are worth $1.3 billion. So these are people with a lot of money to throw around, and any moves they make can have a lasting effect on the price action of any asset. In fact, we have seen the largest ETH wallet now holds nearly $168 million worth of LINK. This is huge, and it suggests that the coin is bullish.
Also, Chainlink has been making major moves. The project announced just yesterday that it is launching support for tokenized perpetual swap pools for Float Capital. Float Capital is based on Avalanche. Chainlink is also making major moves on NFTs in conjunction with Ethereum. This creates the perfect mix for future growth.
Why you should buy Chainlink (LINK)
Other than the recent developments that we have highlighted above, there is no doubt Chainlink is one of the main crypto projects by market cap. The coin had stagnated in terms of price movement over the last month or so.
But this does not in any way change the long-term outlook of this coin. LINK will be huge, and it’s one of those coins every crypto investor should consider having.