Chainlink’s Meteoric Rise: Whales Swarm as LINK Surges
Fresh insights from Santiment, a market intelligence firm, shed light on the recent activity of wealthy Chainlink (LINK) investors, who have executed a surge in transactions not seen in the past three months, coinciding with the meteoric rise of this digital asset.
Reported on a prominent social media platform, the crypto analytics outlet points out that while alternative cryptocurrencies have been reaping the benefits of Bitcoin (BTC) reallocation, the decentralized oracle network Chainlink has emerged as a standout performer.
🔗🥳 #Chainlink is on a tear this weekend, with the network seeing 3-month highs in whale transactions, unique interacting addresses, and trading volume. #Altcoins have been benefiting from $BTC redistribution, but $LINK has been a particular standout. https://t.co/lxlb8SmzKL pic.twitter.com/Yaw5qyV8jL
— Santiment (@santimentfeed) October 22, 2023
During the weekend, it recorded an impressive 226 whale transactions, an active user base of 4,932 addresses, and a substantial trading volume totaling $802.2 million.
READ MORE: EY Reports: Bitcoin’s Transition from Payment Tool to Preferred Asset
Over the past week, Santiment disclosed that investors with LINK holdings ranging from 100,000 to 1 million tokens amassed a staggering $38.5 million worth of this digital asset.
🐳🔗 #Chainlink sits at $7.51, now +30% in the past 5 weeks. In this time, wallets with 100K-1M $LINK have accumulated aggressively, with $38.5M in coins added in the past week alone. Their moves are more relevant than small retail traders taking profits. https://t.co/Y6NA3GaCeG pic.twitter.com/0oRGlk5Lnt
— Santiment (@santimentfeed) October 16, 2023
Further data from IntoTheBlock, a different market intelligence platform, affirms the trend, revealing that LINK whales have significantly increased their holdings, accumulating over $121 million worth of Chainlink in the past month.
A prominent figure in the crypto space, Michaël van de Poppe, has also noted the current bullish momentum of LINK. Nevertheless, he cautions that a pullback may precede its ascent to the $12 mark, suggesting a strategic entry point in the $8-$8.50 range for investors seeking to capitalize on potential future gains.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
