Despite the significant sales by two high-profile cryptocurrency whales, the Uniswap (UNI) and Chainlink (LINK) tokens appear to be weathering the storm. A so-called ‘whale’ is a trader with a significant amount of a certain cryptocurrency, capable of making market-moving transactions.
Data from Lookinchian showed that one UNI whale sold 135,150 tokens, while a LINK whale sold 363,814 tokens, valued at $1.71 million and $6.88 million respectively. The massive liquidations, and the significant profits made from these transactions, have sparked speculation among investors and analysts about the future of UNI and LINK.
Large-scale transactions like these can often lead to price depreciation, especially if sustained over a period of time. However, despite the sizeable sales, the prices of both UNI and LINK have remained relatively stable, with UNI trading at $13.01 and LINK at $18.62 as of this writing.
The recent movements in the market are seen by some as an indication of changing trends. Large investors, or whales, are known for their ability to impact the market significantly. Many traders keep a close eye on the activity of these whales, as it can provide valuable insight into potential market shifts.
In the past week, UNI’s price rose by 18.20%, while LINK’s price increased by 6.70%. These figures outperform the global crypto market, which rose by 2.90% over the same period. The recent bullish trend in the market, driven in part by the re-election of US President Donald Trump, has renewed investor interest in cryptocurrencies.
Despite the sizeable liquidations by the aforementioned whales, the overall market activity for both UNI and LINK has been robust. UNI’s trading volume dropped by 4.10%, but still stands at a hefty $706,812,235. Meanwhile, LINK’s trading volume increased by 8.50%, reaching $1,025,513,316 in the last 24 hours.
It remains to be seen whether these large-scale liquidations will have a significant long-term impact on the prices of UNI and LINK. However, for now, the markets appear to be demonstrating resilience. As always, potential investors should keep a close eye on market trends and exercise due diligence before making any investment decisions.
