Chainlink’s native token has increased by over 10% in past week
WhaleStats on-chain wallet tracker has reported that in the past 24 hours, LINK has emerged on the list of the top 10 assets with the highest trading volume on the Ethereum chain.
Meanwhile, over the past week, LINK price has seen a rise by more than 10%.
Trading activity with LINK spikes, price goes up
Per a recent tweet published by WhaleStats, LINK has gotten itself on the list of the most-traded cryptocurrencies in the past 24 hours for the largest 500 Ethereum whales.
JUST IN: $LINK @chainlink now on top 10 by trading volume among 500 biggest #ETH whales in the last 24hrs 🐳
Peep the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#LINK #whalestats #babywhale #BBW pic.twitter.com/sWcKdXRjoe
— WhaleStats (tracking crypto whales) (@WhaleStats) December 6, 2022
Over the past week, the exchange rate of the LINK/USD pair on crypto exchanges went up by 15% and, on Dec. 5, LINK reached the $7.591 level.
However, by now, a slight drop of the price has taken place, and the coin is now exchanging hands at $7.210. This makes it 9.65% growth over the past seven days overall.
Whales have been grabbing LINK, here’s why
As reported by U.Today earlier, large holders of crypto, also known on the crypto market as whales, have been getting hold of large amounts of LINK recently.
Over the past two weeks, according to data shared by Lookonchain Twitter handle, a series of large transactions was noticed as large whales (including financial institutions) were adding LINK to their wallets.
The event that spurred these massive buys was undoubtedly the coming launch of the staking feature by Chainlink developers. Earlier, U.Today covered that the launch was planned for today, Dec. 6.