Chainlink Whales Accumulate $50 Million Worth of LINK
Data analysis platform Santiment reveals that the top 200 wallets have strategically added $50 million worth of Chainlink (LINK) to their holdings in the past five weeks. This accumulation has contributed to a remarkable growth of 143% in Chainlink’s market capitalization over the last five months. In comparison to Bitcoin, Chainlink has seen an impressive uptick of 93%. This surge in LINK accumulation sets Chainlink ahead of other altcoins in terms of whale activity.
Impact of Staking v0.2 Upgrade
The recent surge in Chainlink’s market movement can be attributed to the shift from Staking v0.1 to v0.2. The Staking v0.1 pool became inactive on November 28, 2023, and no longer offers rewards or secures Chainlink services. LINK holders who participated in v0.1 are required to migrate their tokens to staking v0.2 as per the staking program. The v0.2 community pool currently holds 19,041,871 LINK tokens with a limit of 40,875,000 LINK.
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Potential for LINK to Reach $20
Currently, Chainlink is trading at $15.66 with a 5.56% increase in the past 24 hours and a 5.96% increase in the last 7 days. The recent surge in price has also resulted in a substantial rise in Chainlink’s Total Value Secured (TVS), surpassing $16 billion in Staking alone. With the ongoing whale activity and potential investor interest, it is possible for LINK to break the resistance at $20 within this year.
Hot Take: Chainlink Whales Drive Market Growth and Price Surge
Chainlink’s recent market growth and price surge can be attributed to the strategic accumulation of LINK by top whales. This accumulation has led to a significant increase in Chainlink’s market capitalization and has positioned it ahead of other altcoins in terms of whale activity. The shift from Staking v0.1 to v0.2 has also played a role in this market movement. With the current upward trend and potential for further investor interest, there is a possibility for LINK to reach $20 in the near future.
