Crypto Whales Boost Chainlink with $50 Million Accumulation: Santiment
Analytics firm Santiment reports that whales have played a significant role in the recent rally of decentralized oracle service provider Chainlink by accumulating a substantial amount of LINK tokens. According to Santiment, the top 200 Chainlink wallets have added $50 million worth of LINK over the past five weeks, contributing to the altcoin’s outperformance compared to Bitcoin (BTC).
Chainlink Outperforms Altcoin Field
Santiment highlights that Chainlink is leading the altcoin field once again, thanks to continued accumulation by top whales. In just five months, Chainlink’s market cap has increased by 143% overall and 93% against Bitcoin.
Bullish Crypto Markets Amid Powell’s Statements
Santiment suggests that Federal Reserve Chair Jerome Powell’s recent statement about interest rates staying low has had a positive impact on the crypto markets. Bitcoin reacted more positively than altcoins to Powell’s announcement, indicating bullish sentiment for the entire crypto market.
Bitcoin Price Increase Post-Powell Speech
Following Powell’s speech, Bitcoin saw a price increase of about 4%, reaching $39,529 at the time of writing.
Hot Take: Crypto Whales Drive Chainlink Surge
Crypto whales have been instrumental in driving the recent surge of Chainlink, as they accumulated $50 million worth of LINK tokens. This accumulation by the top 200 Chainlink wallets has significantly contributed to the altcoin’s outperformance compared to Bitcoin. Additionally, Federal Reserve Chair Jerome Powell’s statement on interest rates staying low has further boosted the crypto markets, with Bitcoin reacting more positively than altcoins. This indicates a bullish sentiment for the entire crypto market. As a result, Chainlink continues to gain momentum and attract attention from investors.
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