Chainlink: Ethereum whales give LINK a helping hand but…

chain links [LINK] Hopes for recovery may have received a big boost from business Ethereum [ETH] whales; According to the whale-tracking platform, WhaleStats, LINK has broken into the top ten assets by trading volume of ETH whales in the past 24 hours.

Based on data from Whalestats it was LINK Rank Eighth according to commercial activities. While LINK outperformed Uniswap [UNI], the transaction value was very far from ETH itself. While ETH was worth as much as $727,677, LINK was a paltry $608.

Despite a helping hand, LINK doesn’t seem to be excited in all respects. A look at on-chain metrics showed that while LINK improved across network activity, there was a decline in some other parts. According to Glassnode, the active addresses were around 1,422 as of September 10 a plus to 1.743.

Source: Glassnode

The increase in ETH whale activity was also evident in its total transport volume. On-chain analytics platform show up The LINK conversion volume was five times higher than it was two days ago. While it was $3.28 million on the mentioned date, the transfer volume has increased to $16.29 million at the time of writing.

Source: Glassnode

All is not well

However, these gains were not achieved without their own challenges. Other parts failed to follow the increasing number of NFT trades.

according to feelings The data cut LINK’s total NFT deals to two. Similarly, the volume of NFT transactions above $100.00 decreased from $470,000 to $107,000.

Given that LINK was recently added New to the NFT Project in its series, this statistic was surprising.

Source: feeling

In addition, the supply of LINK on the exchanges fell to 18% despite the fact that August ended at a much higher level.

It may also seem that LINK traders were too Finishes their currency centers. This is because active deposits in the last 24 hours have decreased from 28 to seven.

Source: feeling

At the time of writing, LINK is down 4.03% from the previous day’s price. CoinMarketCap show up Its price at the time of writing was $7.75.

The trading volume also decreased by 15%, which indicates that a lot of liquidity has not entered the ecosystem. With his current moves, it might seem LINK wasn’t ready to move on.”green road“It has been achieved before.

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