Chainlink: Ethereum whales give LINK a helping hand, but…

of Chainlink [LINK] hopes of revival may have been greatly boosted by his activities Ethereum [ETH] whales. According to whale-watching platform WhaleStats, LINK entered the top ten assets in trading volume traded by ETH whales in the last 24 hours.

Based on data from Whalestats, LINK was are ranked eighth according to commercial activities. While LINK outperformed Unswap [UNI], the value of the transaction was far from the ETH itself. While ETH was worth $727,677, LINK was a paltry $608.

Despite the helping hand, LINK didn’t seem motivated in all respects. A look at its on-chain metrics showed that while LINK improved across its network activity, there was a decline in some other parts. According to Glassnode, the active addresses that numbered around 1,422 on September 10 had Increased in 1,743.

Source: Glassnode

The increase in ETH whale activity was also evident in the overall transfer volume. The on-chain analytics platform shown that LINK’s transfer volume was five times higher than two days ago. While it was $3.28 million on the date reported, the transfer volume increased to $16.29 million at press time.

Source: Glassnode

All is not well

However, these increases have not come without their own challenges. The other parties failed to follow the increased total number of NFT transactions.

According Sentiment data, LINK’s total NFT trades dropped to two. Similarly, the volume with more than $100,000 NFT trades decreased from $470,000 to $107,000.

Considering that LINK has recently added a new NFT project on its chain, these statistics were astounding.

Source: Santiment

Additionally, LINK supply on exchanges fell to 18% despite ending August at a much higher level.

It may also appear that LINK traders were output their exchange positions. This is because active deposits in the last 24 hours had dropped from 28 to seven.

Source: Santiment

At press time, LINK was down 4.03% from the previous day’s price. CoinMarketCap shown that its price at press time was $7.75.

Volume also dropped by 15% indicating that much liquidity was not entering the ecosystem. With its current moves, it may seem that LINK was not ready to follow the “green path» had been achieved earlier.

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