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FET Passes Link in Most Used Smart Contracts by ETH Whales

FET Passes Link in Most Used Smart Contracts by ETH Whales

  • FET now ranks above LINK in the most used smart contract by ETH whales list.
  • Number one on the list is USDT, with the most significant used share of 34.69%.
  • FTT topped out with the highest trading volume, where each whale traded an average of 500,500 FTT, which amounts to $11,869,350.

In a recent analysis by WhaleStats, the native token of the Fetch.ai Network (FET) has surpassed Chainlink (LINK) in the most used smart contracts list.[1]  WhaleStats conducted the research by comparing the trading history of the top 5,000 whales on the Ethereum Network.

Number one on the list is Tether USD (USDT), with the most significant used share of 34.69%. ETH and USDC follow suit with 27.99% and 11.22%, respectively. FET had a 3.26% used share compared to LINK, which had barely 1.5%.

WhaleStats collects other data, including the most sold, most purchased, and most traded, of which the FET network appears among the top 15. Each whale traded an average of 75,049 FET tokens, amounting to $6,313.

Other coins of the ETH network, which appear in at least one of these categories, include FTX Token (FTT) and BUSD. FTT topped out with the highest trading volume, with each whale trading an average of 500,500 FTT, which amounts to $11,869,350. And an average of 360,250 FTT, which amounts to $8,545,425, was purchased.

Fetch.ai was founded in 2017 and launched via Initial Exchange Offering (IEO) on Binance in March 2019. It is an artificial intelligence (AI) lab building an open, permissionless, decentralized machine learning network with a crypto economy.

FET currently trades at $0.0818, with a 16% loss in the last 24 hours. It has a market cap of over $60 million. Since its previous all-time high of $1.19 about nine months ago, FET has lost 93% of its value. The community of voters on CoinMarketCap suggests a bullish trend for FET.

VeChain At Risk Of Further Losses? VET Price Drops 30% In Downtrend

The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action. Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode At the time of writing,::Listen

The crypto market continues on its downtrend, and VeChain (VET) follows after expiring some relief over the last weekend. The cryptocurrency recently breached a major level of support and seems poised to expand its downside price action.

Related Reading | Fed Announces Inflation Warnings As Bitcoin Whales Remain In Wait Mode

At the time of writing, VET’s price trades at $0.022 with a 3% and 32% loss over the last 24 hours and the past month respectively.

VET’s price trends to the downside on the 4-hour chart. Source: VETUSDT Tradingview

According to crypto analyst Justin Bennett, VeChain lost a major area of support when it broke below $0.024. As seen below, this area was the last line of resistance for a “neckline” or a trendline that saw VET’s price after an increase in previous selling pressure.

Not everything is lost for the bulls, the analyst believes, as long as VeChain is capable of holding above $0.021. This area is a “much more significant support for the market”.

In case of further downside action, VET’s price could drop into this support line before seeing some relief. If the price manages to get back above the neckline, it could support a bullish continuation.

However, traders should wait for confirmation if VET’s price can return to $0.024 and then to $0.026. Beyond that point, $0.028 seems like a very important area of resistance.

Bennett believes it seems more possible that VeChain will continue on its downtrend:

Resistance for VET is around $0.0237, which is the neckline it broke below yesterday. All in all, the market looks relatively weak. So even if we do see some additional relief, I think a move to at least $0.016 makes the most sense right now.

Traders should watch out for a daily close below current levels or $0.022. This could hint at potential losses targeting the levels mentioned by the analyst.

VET’s price breaks below the neckline of support on the 4-hour chart. Source: Justin Bennett
What Could Save VeChain In The Long Run?

As NewsBTC reported, VeChain is currently in the process of deploying a major consensus update. This could facilitate the corporate adoption of the blockchain VeChainThor and inject fresh capital into the ecosystem. However, this will positively impact VET’s price over the long run.

In the short term, Bennett claims the current macro conditions don’t support bullish momentum in the crypto market. The analyst recently pointed out a “Head and Shoulders” pattern formed on the crypto market total capitalization 4-hour chart.

Related Reading | Ethereum Rising Gas Fees are Still Concerning But Presents Opportunity For Decentralized Exchanges

This pattern often precedes further losses by a certain asset. The total crypto market cap currently stands above $800 billion and could crash into the $700 billion if the pattern plays out. Any long positions, at current levels, seem at risk, as Bennett explained:

$TOTAL is a perfect example of how to use a failed head and shoulders to your advantage. That failure offered a short opportunity. I never thought to long this because of the established downtrend. I was always expecting it to fail.

FET Passes Link in Most Used Smart Contracts by ETH Whales

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