Two savvy whales have ignited concerns across the wider digital asset landscape on Sunday, selling huge amounts of Uniswap and Chainlink tokens.
Data shared by Lookinchian today December 1 shows that a trader with wallet 0x2B4F sold 135,150 UNI tokens (worth $1.71M). Another trader with wallet 0x6049 also sold 363,814 LINK tokens (worth $6.88 million) today in the morning.
Will UNI and LINK survive massive whale liquidation?
Uniswap and Chainlink prices are currently under intense pressure as prominent whales unload large holdings. Lookonchain revealed a Uniswap whale sold 135.150 UNI tokens (valued at $1.71 million) for a profit of $1.15 million. Another Chainlink whale sold 363,814 LINK tokens (worth $6.88 million) for a profit of $3.06 million.
The huge liquidations and profit-making incidents have aroused the curiosity of market participants, signaling UNI and LINK could experience price deprecation, especially if selloffs continue.
Whales are renowned for their massive holdings. Typically buying or selling a huge number of tokens impacts the prices of crypto assets. The latest activity by the whales (by altering their positioning of UNI and LINK in the market) signals a possible market shift.
While the whales’ activity indicates robust demand in the market, it is also an indication of changing trends. Many investors in the market normally track large investors’ activities to understand market shifts and what others are looking for.
UNI and LINK price to gain further?
UNI’s price is currently standing at $13.01, up 1.5% over yesterday. However, its trading volume of $706,812,235 is a drop of 4.10%, indicating a recent decline in its market activity. In the last seven days, its price rose by 18.20%, outperforming the global crypto market which is up 2.90%.
On the other hand, Chainlink’s price is currently at $18.62, up 0.4% over yesterday. Its trading volume is $1,025,513,316 in the last 24 hours, up 8.50% indicating a recent increase in its market activity. In the last seven days, LINK price surged by 6.70% outperforming the global digital asset market which is up 2.90% currently.
The increased prices of the two cryptocurrencies can be attributed to the ongoing bullish market driven by the recently concluded US presidential election. The reelection of Donald Trump has influenced a rally on the broader market and triggered renewed investor interest.
