Heavy stock on these 2 Altcoins?
According to data from on-chain analytics platforms, whales have their eyes on two altcoins, Chainlink (LINK) and Maker (MKR).
For almost a month, there is a downward trend in the dominance of Bitcoin (BTC). However, the price of BTC did not decrease significantly. This shows that whales are shifting their money from BTC to altcoins.
Is Chainlink (LINK) Becoming Whales' Favorite Altcoin Again?
According to data from Spotonchain, 0x8ead withdrew the wallet 136,146 LINK, approximately $2.05 million, from Binance on Wednesday. The platform shows that in the past nine days, WELL has issued 348,007 LINKs worth a total of $5.58 million.
Finally, the screenshot below confirms the existence of a high concentration of chainlink whales. In the last 24 hours, the centralized balance of exchange LINK has decreased by 175,090 tokens. Meanwhile, in the last seven days, the balance has decreased by a little over 400,000 LINK tokens.
Read more: How to buy Chainlink (LINK) and everything you need to know
During the bull rally that started in October 2023, Chainlink (LINK) was one of the first movers. However, over a month, LINK's price has been consolidating roughly between $13.6 and $16.6.
Will renewed interest in whales fuel a new rally for LINK?
Hot wallet MKR spent $4.6 million.
Newly created wallet 0xe68e withdrew 3,150 MKR tokens from Binance on Wednesday. Based on the current market value, the tokens cost approximately $4.6 million.
Based on a seven-day time frame, the screenshot below shows that the MKR balance on central exchanges has decreased by 2130 tokens. However, in the last 24 hours, the balance on central exchanges has increased by more than 2,000 tokens.
The negative net flow indicates that the supply of the tokens is decreasing in the central exchange, and finally, there will be less selling pressure. On the other hand, a positive net flow indicates that there may be additional supply waiting to be dumped into the markets.
Read more: 8 best on-chain analysis tools in 2023
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