Robinhood, an American FinServ company, is in the news for several reasons. For example, one day there was a discussion about the possibility of an acquisition by FTX. However, crypto exchange executive SBF has wiped out the air by claiming that there is no negotiation between the two companies. Alongside other developments, Robin Hood has expanded its market presence with several new cryptocurrencies. As reported yesterday, Chainlink was one of the tokens listed on the platform.
With the listing announcement, LINK has risen by about 9%. However, the green streak could not continue. Dumping continued and the token closed at a lower level than it opened on Wednesday.
Subsequent spillover effect
The host of chainlink metrics recorded a significant surge on Wednesday. Santiment revealed on Tuesday that a cumulative total of 80.8 million unique LINK tokens were moved by address, breaking a five-year record. The analytics platform tweeted, highlighting the previous instance when such spikes were seen,
“The opening day of September 2017 was the only time we’ve ever seen.”
The circular metric shows the number of unique tokens traded per day. Transaction knives usually cut in both directions, so the surges listed should be taken with a grain of salt.
Also, there is not much buy-side bias in the current market. In the shorter time frame, the seller had an advantage over the buyer. The average balance of HOD Ler has been centered around past lows, supporting the above explanation.
Despite the circulation pump registered on Wednesday, Chainlink’s network activity remains low at macro frames. According to data from the ITB, active addresses recorded a slight spike. However, the same strength was not noticeable. This is because similar uptics were mentioned several times in June before this. Meanwhile, new addresses remain flat.
Now, Robin Hood’s hype has disappeared, and the current state of the metric collectively points out that LINK is in a rut.