LINK and MATIC Experience Significant Declines: Potential Connection to Newly Emerging Wallets

Chainlink and MATIC Witness Price Declines

Chainlink experienced a 17% drop from its yearly peak of $17.16, which was recorded on December 9. Simultaneously, the Polygon POS chain reached a significant milestone with 18 million transactions in a single day.

Major altcoins Polygon (MATIC) and Chainlink (LINK) have displayed a notable decline in their prices over the past two days. Chainlink, recently reaching a yearly peak of $17.16 on December 9, saw its price plummet to $14.25 today, marking a 17% drop. Meanwhile, Polygon (MATIC) recorded a 3.83% decrease in the last 24 hours and an 8.50% decline over the past week, currently trading at $0.779.

LINK and MATIC Capture Investors’ Interest

On-chain data analysts Lookonchain have revealed new activities in fresh wallets accumulating both LINK and MATIC. In the last two days, a new wallet (0x8eADf9a958199d769B8927f82BC6dd615a3f8571) withdrew 247,860 LINK ($3.5 million) from Binance, while another withdrew from a new wallet (0xa813D87274D220236bDd499E13e991e3be2E60e1) for a total of 5 million MATIC ($3.13 million) ten hours ago. It’s unclear whether the wallets belong to individuals or act as whales.

However, Chainlink’s recent integration of proprietary price feeds into the Polygon ZkEVM network has restored confidence among whale investors in the LINK token. Chainlink, renowned as the largest decentralized oracle blockchain network, provides real-time off-chain price feeds, making it a sought-after asset for projects entering the realm of traditional finance infrastructure.

The global crypto market has seen a surge in interest in Chainlink’s price feeds as the trend of asset tokenization gains momentum throughout the year.

Further, recent data from Polygon co-founder Sandeep Nailwal adds a layer to the narrative, revealing that Polygon’s proof-of-stake (PoS) network has recorded over 161 million inscriptions, surpassing competitors like BNB and Avalanche. Nailwal highlighted Polygon’s peak performance, with 18 million transactions daily.

Moreover, the approval of a Bitcoin ETF and the halving of the Bitcoin block reward are both clear choices that are expected to have a potential impact on the wider crypto market.

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