Chainlink Sees Spike in Whale Transactions Ahead of Chainlink Staking v0.2 Launch
Chainlink ($LINK) recently experienced a surge in whale transactions with over 2,600 occurring, happening right before the launch of Chainlink Staking v0.2.
Large Whales Cause a Significant Spike
The decentralized oracle platform experienced a sizable increase in whale transactions, which usually precede a rise in LINK’s price, according to IntoTheBlock data.
Chainlink’s Native Token Price Movement
Chainlink’s native token saw an increase of over 30% over the past month and over 160% year-to-date due to the wider cryptocurrency market recovery.
Significant Spike in Daily Transactions and Accumulation
Chainlink saw a substantial spike of 430% in its daily transactions and a significant accumulation from major token holders, which often lead to significant price movements, as revealed by on-chain analytics firm Santiment.
Relationship Between Token Movement and Price Increases
Santiment discovered a link between increases in LINK prices and movement of inactive tokens through the increase in ‘Age Consumed’ levels, further strengthening its predictive power.
Chainlink Staking v0.2 and Expansion
The expansion of Chainlink Staking aims to make it more accessible to a wider array of LINK token holders and is in line with Chainlink’s Economics 2.0 initiative.
Increased Functionality of Chainlink’s Token
The staking feature rolled out in December 2022 was designed to improve the functionality of the token, allowing LINK holders to support Oracle services and contribute to the overall security of the network while earning rewards.
Hot Take
The surge in whale transactions ahead of Chainlink Staking v0.2 may indicate bullish momentum is building for LINK’s price movement, and could prove to be a precursor to a major rally.
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