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Chainlink (LINK) Flips Stellar (XLM) as Altcoins Eye Recovery
In a shocking turn of events, Chainlink whales have gone wild with a staggering 1,700% spike in activity, flipping the token to its previous all-time high against Stellar (XLM). This unexpected move coincides with LINK’s big unlock hitting the market, hinting at a potential recovery for altcoins.
According to recent on-chain data, a whale has unloaded an astonishing 1.34 million LINK tokens, valued at $18.36 million at $13.7 per coin. The sale resulted in a loss of $512,000 or 2.7% for the whale. Notably, this transaction occurred simultaneously with the whale closing its LINK longs on GMX for a profit of $195,000 and flipping its LINK longs on Hyperliquid into BTC shorts worth 40x leverage, reaping an unrealized profit of $290,000.
This chain of events raises intriguing questions about the motivations behind the whale’s actions. Is this a desperate attempt to cover losses or a strategic play to reposition assets in light of LINK’s unlock? Whatever the reason, one thing is clear: Chainlink has effectively flipped Stellar as its value continues to fluctuate amidst ongoing market volatility.
It remains to be seen whether this sudden influx of liquidity will spark a broader recovery for altcoins. As we speak, the market is eagerly awaiting any potential developments that could set the stage for a new wave of growth.
Stay tuned for further updates and insights on the cryptocurrency space.
**Sources:**
* [On-chain data](https://www.onchain.com/)
* [Whale transactions](https://whale-alert.io/)
Source: https://u.today/chainlink-link-whales-go-wild-with-1700-spike-in-activity-details
