In the past 24 hours, there has been a sharp increase in Chainlink whale activity, with a 3373% surge compared to previous periods. This event coincided with a broader downturn in the cryptocurrency market.
Surge in Large Transaction Volume of Chainlink
According to on-chain data, the volume of large transactions for Chainlink increased by 3373.02% in the last 24 hours, reaching $762.7 million (or 59.63 million LINK). This marks the highest figure in the past seven days and nearly three months.
Price Impact on Chainlink
At the time of writing, Chainlink was down 3.13% in the last 24 hours to $12.66. This decline mirrors the negative trend in the broader crypto market, which experienced $458 million in liquidations.
Overall Crypto Market Situation
The crypto market is facing significant challenges. The stock market and other assets have fluctuated in response to changes in economic policy. At its recent meeting, the Federal Reserve left interest rates unchanged, which triggered short-term market volatility. Meanwhile, Federal Reserve Governor Christopher Waller indicated that a potential reduction in interest rates might happen as early as next month.
The surge in Chainlink whale activity amid the overall crypto market decline highlights unusual movements within the sector. Investors should consider economic factors and market trends before making decisions.
