FLOKIUSD FLOKI

On-chain data shows the Whale Transaction Count has shot up for Chainlink recently, a sign that more volatility could be coming for the asset’s price. Chainlink Whale Transaction Count Is Now At Its Highest Since 2023 In a new post on X, the on-chain analytics firm Santiment has discussed about the latest trend in the Whale Transaction Count for Chainlink. The “Whale Transaction Count” here refers to an indicator that keeps track of the total number of LINK transfers that are valued at more than $100,000. Related Reading: Ethereum Leverage Elevated Despite Long Squeeze, Glassnode Says Such large transactions are assumed to be coming from the whale entities, so this metric’s value basically tells us about the level of activity that these humongous investors are participating in. When the indicator registers a rise, it means the whales are making a larger number of moves on the network. Such a trend suggests trading interest around the asset is going up among the large holders. On the other hand, the metric going down implies the cryptocurrency may be losing attention from the cohort as they have lowered their transaction activity. Now, here is the chart shared by Santiment that shows the trend in the Chainlink Whale Transaction Count over the last few months: As displayed in the above graph, the Chainlink Whale Transaction Count has registered a spike recently as the cryptocurrency’s price has plunged down. This means that the whales have made a large number of trades related to the asset. At the height of this activity spike, the total number of transactions of this group stood at 1,659, the most since December 2023. Since whale transactions are generally quite sizeable, this high trading interest from these large traders can induce further volatility for the asset’s price. It’s hard to say which direction the volatility emerging out of this activity might take Chainlink in, however, given that the Whale Transaction Count contains no information about whether buying or selling is dominant. The fact that the spike has come after the crash, though, could certainly be a positive sign. “When altcoins rebound, keep an eye on this asset,” notes the analytics firm. Related Reading: Ethereum Recovers To $2,800 As Exchange Outflows Near $1 Billion In another X post, Santiment has shared about which other altcoins have seen a rise in the Whale Transaction Count during the past week. From the above table, it’s visible that Dai (DAI) on the BNB blockchain has seen a jump of 400% in the metric over the last seven days, the most out of any altcoin. Out of the non-stablecoin assets, Floki (FLOKI) has topped the list with a spike of 286%. LINK Price At the time of writing, Chainlink is trading around $19.8, down around 14% in the last week. Featured image from Dall-E, Santiment.net, chart from TradingView.com