Chainlink Whales Continue to Accumulate Amid Crypto Bear Market
Despite the turbulent state of the crypto market, Chainlink whales are showing resilience and increasing their holdings. On-chain data tracker Santiment has revealed that these whales have been taking advantage of declining prices by buying more tokens.
Accumulation Among Large and Small Wallets
The report shows a significant amount of accumulation among large LINK wallets holding between 1 million and 10 million tokens. Additionally, wallets holding between 100,000 and 1 million tokens have also been buying up more coins. As a result, there has been a 6% increase in the number of wallets holding 1 million to 10 million LINK tokens.
Smaller wallets in the 100,000 to 1 million tokens range have also seen an increase in numbers, with 27 additional wallets added to this cohort.
Positive Impact on LINK Price
The accumulation by Chainlink whales has had a positive impact on the LINK price. While the rest of the market experienced a decline, LINK saw an increase from $7.12 to $7.4 on October 11. Santiment notes that Chainlink’s market value was trading ahead of most cryptocurrencies during this time.
However, it appears that LINK may be losing momentum as its price started to reverse on Thursday morning with a 3% decline. The current price stands at $7.24, down 6.21% on the weekly chart.
Hot Take: Chainlink Whales Defy Market Trends to Accumulate More Tokens
Despite the bearish conditions in the crypto market, Chainlink whales are refusing to back down and continue to accumulate more tokens. This has led to an increase in both the holdings of these whales and the number of whale addresses associated with Chainlink. The market has been experiencing declining prices, but the whales see this as an opportunity to buy more tokens.
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