Chainlink flips Matic. Chainlink and Matic are very popular coins. Reportedly, Chainlink has flipped MATIC and has become the most traded token when compared to Matic.
This reportedly has been made possible because about 1,000 Ethereum Whales were betting on LINK; however, ETH whales are continuing to invest in both LINK and MATIC. Since both these tokens are on the list of the top 10 purchased tokens, ETH whales are trying to hold and control them both.
So, these are the guys who are not worried about the price crash. They look at a price crash as an opportunity buy as opposed to selling.
For clarity, Matic is the native token of Polygon.
Those who are watching the whale wallets have to state that a Whale who has been ranked #158 recently acquired 2,110,000 MATIC – the equivalent of $3,523,700.
Those who want to watch what the whales are buying and selling should check popular whale trackers. It helps to know how many tokens are being moved between exchanges and what are the top coins/tokens being traded and changing hands. The point to understand is that whales are those who are confident in investing and following whales gives investors an idea about what to trade.
It is good about trading with one’s own trading strategy; however, understanding what successful holders do is a way to decide what to follow. Cryptocurrency markets are about the aggregate market psychology. Since whales contribute to moving the trendline in investing big and setting a trend, it helps to copy trade what whales are doing.
Previously, analysts projected that it just looks like ChainLink is targeting a 30% move which can push Link to the bull market. This prediction came at a time around mid-January when Chainlink broke its downtrend. However, the optimism did not sustain for long and it is in the downtrend now. The price of LINK is trending at $16.13 at the time of writing, which is down by 36.12% in terms of 7d%
We need to give the market some time to correct and see how the price trends any further. Investors are waiting to see some market recovery.
There are a multitude of risks contributing to this downtrend far beyond expectation. Breaking all expectations, the market has crushed almost all tokens and pushed them all to the green. Investors want to move out of risky bets.
For those who are new to Chainlink, they are pioneers in making smart contracts smarter. Their coming in to the market bookmarked the ability for smart contracts and other DeFi apps to securely access external market data – these external market prices are critical in blockchain functionality for several transactions. And, they been doing great at it. Thus, providing for real utility in the real time world. There is a ChainLink integration happening every day.
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