The Whales’ Favorite Altcoins: Chainlink (LINK) and Maker (MKR)
Recent data from on-chain analytical platforms suggests that whales are showing interest in two altcoins: Chainlink (LINK) and Maker (MKR). While Bitcoin’s dominance has been decreasing, its price has remained relatively stable, indicating a shift of funds from BTC to altcoins.
Chainlink (LINK) Attracts Whale Attention
According to Spotonchain, a whale wallet identified as 0x8ead has withdrawn a significant amount of LINK from Binance. In the past nine days alone, this whale has withdrawn a total of 348,007 LINK tokens worth $5.58 million. Moreover, centralized exchanges have experienced a decrease in LINK balance by 175,090 tokens in the past 24 hours and at least 400,000 tokens in the past seven days.
Will Whales Spark a New Rally for Chainlink (LINK)?
Chainlink (LINK) was one of the early beneficiaries of the recent bull rally. However, its price has been consolidating between $13.6 and $16.6 for over a month. With renewed whale interest in LINK, there is speculation about whether this could ignite a new rally for the altcoin.
Fresh Withdrawal of MKR Tokens
A newly created wallet known as 0xe68e recently withdrew 3,150 MKR tokens worth approximately $4.6 million from Binance. The screenshot provided shows a decrease in MKR balance on centralized exchanges over the past seven days by 2130 tokens. However, there has been an increase of over 2,000 tokens in the past 24 hours.
The Impact of Netflows on Maker (MKR)
The negative netflow of MKR tokens suggests a decrease in supply on centralized exchanges, which could lead to less selling pressure. Conversely, a positive netflow indicates the possibility of more supply waiting to be dumped in the markets.
Hot Take: Whales Indicate Bullish Sentiment for Chainlink (LINK) and Maker (MKR)
The recent whale activity surrounding Chainlink (LINK) and Maker (MKR) suggests that these altcoins have caught the attention of large-scale investors. With significant withdrawals and decreasing balances on centralized exchanges, it appears that whales are positioning themselves for potential price rallies. This trend could indicate a bullish sentiment for both Chainlink (LINK) and Maker (MKR), making them worth watching in the crypto market.
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