Vladislav Sopov
Analysts at The DeFi Edge named Chainlink (LINK) and Pendle (PENDLE) as the most popular tokens for buyers
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Contents
- Chainlink (LINK), Pendle (PENDLE) in focus for smart money
- Shiba Inu (SHIB) competitor PEPE sold en masse
Experts from the DeFi Edge newsletter on developments in Web3 and blockchain shared a ranking of tokens that “smart money wallets” bought or sold last week. It looks like large investors are moving to more predictable products in anticipation of a bull market.
Chainlink (LINK), Pendle (PENDLE) in focus for smart money
Chainlink (LINK), Pendle (PENDLE) and Ribbon Finance (RBN) were actively purchased by owners of large and successful cryptocurrency wallets in early December 2023. In terms of categories, crypto fat cats showed interest in buying DeFi and infrastructure altcoins.
LINK, the native core token of the largest decentralized oracle network Chainlink, is on the top coins list for buyers for the second week in a row, analysts at The DeFi Edge added.
In almost 24 hours, LINK's price rose from $14.32 to $15.83, registering a 10.7% increase.
The price of PENDLE, the governance and rewards token of multi-blockchain yield farming protocol Pendle Finance, is up 2% in the last 24 hours, while Ribbon Finance (RBN) has gained over 33% in the last week has.
The newsletter representatives suggested that this could be an indicator of moderate conservatism among large investors:
It appears that there is a shift in preference towards more established protocols, at least until retail returns
The aggregate capitalization of the cryptocurrency markets has been almost stable over the last 24 hours and is the equivalent of $1.46 trillion.
Shiba Inu (SHIB) competitor PEPE sold en masse
According to the contract, PEPE and GROK, two of the most hyped meme coins of 2023, are experiencing massive sell-offs. The meme cryptocurrency segment, along with NFT-centric cryptos, witnessed an outflow of funds in the last seven days.
At the same time, the largest outflows were registered among holders of BLUR, the native cryptocurrency of the dominant NFT marketplace Blur. This could be due to criticism of Blur's associated L2 platform Blast.
Last but not least, analysts noted a decline in stablecoin allocation held by smart wallets across multiple chains. Over the past six weeks, this crucial indicator has fallen by 50%, which could suggest that investors may be ready to mount an upward rally.
About the author
Vladislav Sopov
Blockchain analyst and author with a scientific background. 6+ years in IT analytics, 3+ years in blockchain.
Participation in independent analysis and start-ups (Swap.online, Monoreto, Attic Lab etc.)
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
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