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The downward trend of the cryptocurrency market has once more targeted Chainlink , which has been caught up in the ongoing volatility. On-chain analyst Ali Martinez recently shared some concerning figures on the Chainlink community. Martinez noted that large LINK holders have sold off an impressive number of tokens—4.13 million—all in the last 48 hours. “It’s not the best look for the current state of Chainlink,” Martinez said, adding that despite the large sell-off, “the LINK network is one of the few experiencing strong dip-buying activity by key stakeholders.” Whales have offloaded 4.13 million #Chainlink $LINK in the last 48 hours! pic.twitter.com/B0ELv4wEAb — Ali (@ali_charts) February 5, 2025 Whale Activity and Market Dynamics Whale investors have suddenly liquidated more than 4 million LINK tokens. This move indicates that some big investors in Chainlink might be taking profits or reshuffling their portfolios in response to ongoing market uncertainty. When large amounts of currency are suddenly unleashed into the market, it tends to cause price swings. And in a crypto market where the overall sentiment is “meh” to “bearish,” currency price swings are usually to the downside. While some whales have been shedding their holdings, on-chain data shows a consistent increase in large transactions and active wallets, suggesting that other important players are buying the dip. A recording of LINK’s daily transactions has occurred, and the count of those daily LINK transactions that exceeded $100,000 came to 1,659. Since 2023 started, there has not been a higher number of those “large” LINK transactions in any single day. So, what does that mean? Well, a few things, really. It could mean that our old pals at the LINK foundation are still “manipulating” the price. It could mean that whale-sized movements of LINK are part of the ongoing partnership in which the foundation is engaged. It could mean that LINK is becoming a linchpin in low-market-price, decentralized finance opportunities. It could mean that high-net-worth individuals continue to be “interested” in LINK. With crypto taking a swing back down, Chainlink has stood out as a network with heavy key stakeholder dip buying. 1,659 daily $100K+ $LINK transactions is the most since 2023, and 9,531 active wallets is the most in 4 weeks. When altcoins rebound, keep an eye on this asset. pic.twitter.com/GUjHJALLV3 — Santiment (@santimentfeed) February 4, 2025 Chainlink’s Position in the Market One of the most vital blockchain infrastructures has been Chainlink, which has provided decentralized oracles that allow smart contracts to interact with real-world data securely. The project has occupied a leading role in several blockchain sectors—DeFi, gaming, and enterprise use cases—and its development efforts have kept it prominently in view, regardless of poor market conditions. Chainlink has rebounded strongly, in terms of its price, after periods of accumulation by important stakeholders. Recently, though, we have seen large amounts of Chainlink being transacted, and our active wallet number has been trending nicely upward. These two metrics suggest to us that at least some of our investors currently view Chainlink as a buying opportunity, with their sights set firmly on an expected future price level that, for the moment, is a bit of a mystery to us. Moreover, the long-term usefulness of Chainlink is further boosted by its incorporation into an array of blockchains—like Ethereum, Avalanche, and Solana. The crypto sector is a work in progress, and amid this evolution, need for trustworthy oracles is as great as ever. And so, we might expect that LINK’s adoption will persist, if only because it maintains an edging presence parallel to the sector’s growth. What’s Next for Chainlink? Considering the existing market circumstances, there are several potential situations for LINK to be found in the forthcoming weeks. The recent whale sell-off was a controlled descent that occurred over a few days. It’s possible that this whale sell-off could continue to exert some downward pressure on LINK’s price in the near term—especially if the broader market sentiment remains bearish, as many seem to think it will. Should the entire cryptocurrency market start to consolidate its recovery, Chainlink may well be one of the altcoins that put in a strong showing. The reason is simple: In an environment where the digital asset space is dominated by a handful of institutions, LINK has a ton of network activity and nearly as many friends among various outfits in the decentralized finance (DeFi) space. Chainlink’s long-term trajectory may well be driven mostly by the continued development of those sorts of applications, given the oracle services that it provides to enable their functioning. Conclusion The previous 48 hours have witnessed a significant 4.13 million LINK sell-off by whales, but Chainlink’s strong transaction fundamentals and growing number of active wallets are powerful indicators that serious stakeholders are buying into the dip. This is even despite some declining market conditions. The network saw 1,659 large transactions—its largest in 2023—and has 9,531 active wallets. These are all signs that Chainlink is still a network of interest, even in a declining market. The overarching crypto space is going through a period of volatility, but within that context, Chainlink (LINK) is a standout performer. Though it is often placed in the “altcoin” category, LINK’s fundamental strength, widespread adoption, and market capitalization might soon have it contending with some of the leading cryptocurrencies in price and prestige. LINK has provided some early signals that it could be in the process of reversing a price downtrend and might start an uptrend soon. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: iuriimotov/ 123RF // Image Effects by Colorcinch
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Dubai to Host Second Edition of Middle East Blockchain Awards as MENA Drives Global Crypto Growth
Dubai, United Arab Emirates, February 6th, 2025, Chainwire The Middle East Blockchain Awards (MEBA) returns for its second year after the success of its inaugural edition, with Dubai selected as the host city. The ceremony will take place at the iconic Jumeirah Burj Al Arab on April 29, coinciding with the TOKEN2049 conference. The event will unite industry leaders, innovators, and visionaries to celebrate achievements in blockchain and cryptocurrency. MEBA 2025 arrives at a pivotal moment amid the rapid acceleration of blockchain adoption across the MENA region. Recent data from Chainalysis positioned the region as the seventh-largest cryptocurrency market in the world. Between July 2023 and June 2024, MENA received an estimated on-chain value of $338.7 billion—accounting for 7.5% of the global transaction volume. Notably, the UAE has emerged as a global leader in digital asset adoption. According to Henley & Partners’ latest report, the UAE ranks third worldwide in digital currency usage. Chainalysis data also revealed that the UAE received approximately $34billion in cryptocurrencies between June 2023 and July 2024, experiencing a robust 42% year-on-year growth. This is driven by the country’s progressive approach to blockchain technology, with cities like Dubai establishing themselves as key innovation hubs. Max Palethorpe, Founder and CEO of Hoko Group, the official organizers of MEBA, commented: “The Middle East Blockchain Awards provides a unique platform to recognize the incredible achievements that are driving the next wave of innovation in blockchain and digital transformation. With the UAE leading the charge in the Web 3.0 revolution, it’s inspiring to see industry leaders coming together to shape the future of this dynamic industry. This year’s event promises to be a true celebration of the pioneers who are pushing boundaries and setting new standards.” Returning as a judge for the second consecutive year, Dr. Marwan Al Zarouni, CEO, AI for Dubai Department of Economy and Tourism and CEO of Dubai Blockchain Centre (DBCC) added: “ I am thrilled to be part of the judging panel once again and witness the rapid evolution of blockchain technologies in the MENA region. With the UAE at the forefront of this transformation, the government’s forward-thinking approach, combined with the region’s dynamic innovation ecosystem, is accelerating the adoption of Web 3.0 technologies. The Middle East Blockchain Awards captures this momentum and further cements the UAE’s position as a global hub for blockchain excellence.” Other judges of the Middle East Blockchain Awards this year include: ● Jumana Al Darwish, Award Winning Social Entrepreneur and Founder of Happy Box ● Scott Melker, Host, The Wolf of All Streets Podcast, and Crypto TownHall ● Mario Nawfal, Host of Largest Show on X and Founder of International Blockchain Consulting Group ● Saqr Ereiqat, Secretary General of Dubai Digital Assets Association and Co-Founder of Crypto Oasis ● Jorge Sebastiao, Co-Founder Global Blockchain Organization and Co-Founder EcoX ● Matthies Mende, Founder and CEO of Bonuz and Co-Founder of Dubai Blockchain Center MEBA aims to foster innovation, recognize excellence, and set new standards for blockchain and Web 3.0 projects across the region. In its inaugural edition in 2022, MEBA partnered with Abu Dhabi Global Market’s flagship platform, Abu Dhabi Finance Week, and the Middle East, Africa, and Asia Crypto and Blockchain Association (MEAACBA). Submissions are now open at www.mebawards.io , where participants can find additional details about the categories and the nomination process. About Hoko Abu Dhabi Hoko Agency is a diversified and innovative company that owns and operates a diverse portfolio of businesses within the sectors of Finance, Blockchain, Entertainment, Sport and F&B. Hoko strives to be the best-in-class in each of their service lines; offering quality products, world class service and fitting solutions that go beyond the industry’s expectations. Contact Head of PR Yousef Batter White Label Strategy yousef.batter@whitelabelstrategy.io NullTx
Ethereum’s Network Activity and Institutional Demand Surge Amid Market Growth
Remarkable network activity and institutional investment have transformed Ethereum into a truly vibrant and renewable force. The surge is so pronounced that nearly all the incoming elements—from new projects to institutional investments—are creating an estimated 80–90% deflationary pressure on Ethereum. Under normal circumstances, this would be an excellent time to buy Ethereum, as the price is bound to go up with inflating demand and deflationary supply. Explosive Growth in Ethereum Transactions and Active Addresses The exponential growth of Ethereum’s scaling solutions—Arbitrum, Optimism, and Base—has been nothing short of stunning. Over the past few months, these networks’ transaction volumes have surged by more than 300%. Increased user adoption and increased protocol activity across these networks are the primary drivers of that growth. This is all super bullish for Layer 2 Ethereum solutions, and consequently—or, more accurately, synchronously—it’s bullish for the Ethereum network itself. The truth? Yes. Data from @intotheblock shows that the number of transactions on ETH; Arbitrum, Optimism and Base have been on a ridiculous uptrend, over 300% Also, active addresses on @coinbase since July 2024, has gone from 500k to a high of over 2M There is potential pic.twitter.com/QIVow06mvN — Mijosh.₿ (@Mijosh_) February 4, 2025 A notable trend is the increase in active addresses on Coinbase. Since July 2024, the number of active addresses on the exchange has surged from 500,000 to more than 2 million. This isn’t just growth for Coin base; it suggests that the Ethereum ecosystem is seeing robust user engagement. Reasons for this growth could include: improved network efficiency, the broader adoption of decentralized applications (dApps), and, last but not least, institutional investment in the Ethereum space. The most important support level for #Ethereum is between $2,238 and $2,614, where 12.18 million wallets acquired 63.07 million $ETH . pic.twitter.com/HggTaqfE4y — Ali (@ali_charts) February 5, 2025 Key Support Levels and Institutional Investment in Ethereum From an on-chain perspective, Ethereum’s most critical support level is between $2,238 and $2,614. At this price range, a total of 12.18 million wallets hold 63.07 million ETH, amounting to a strong concentration of on-chain holdings. Roughly 5.33 percent of all Ethereum that exists is concentrated in this top price support level. A dip into this range would likely be met with a wave of buying, as these holders likely see themselves as “in the money.” Thus, this price concentration provides a solid buffer against further declines for Ethereum’s price, should it reach this region, making it a sort of price floor for the asset. Ethereum’s institutional demand has been building consistent momentum. On February 4, Ethereum spot ETFs recorded a net inflow of $308 million, marking the fourth consecutive day of seeing positive inflows. The sustained interest in Ethereum ETFs seems to indicate that large financial players are increasingly valuing ETH as a valuable asset. This is not much different from the institutional adoption narrative that Bitcoin has seen play out over the last couple of years through similar vehicles. On February 4, Bitcoin spot ETF had a total net inflow of $341 million yesterday, and BlackRock ETF IBIT had an inflow of $249 million. Ethereum spot ETF had a total net inflow of $308 million, continuing its net inflow for 4 consecutive days. https://t.co/59u0BnDSW8 — Wu Blockchain (@WuBlockchain) February 5, 2025 Conclusion The network of Ethereum is expanding like never before. The number of transactions occurring on Ethereum, as well as on its Layer 2 networks, has never been higher. Meanwhile, Ethereum has been enjoying a resplendent price range of between $2,238 and $2,614. It appears that investors have long seen the Layer 1 protocol and Layer 2 solutions as being worth their salt for a long time to come. As demand from institutions continues to surge and Ethereum ETFs bring in new investment, the future of Ethereum looks promising. The network has not only continued to scale but also seems to be much closer to achieving status as a “world computer” that can handle anything thrown at it, with adoption expanding at a steady pace. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: dusanzidar/ 123RF NullTx
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Solana Emerges as Top Pick for Retail Investors: Report
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