thenewscrypto.com
- Large Chainlink (LINK) holders have rapidly accumulated tokens over the past 5 weeks.
- Chainlink has gained 30% over the last 5 weeks, reaching around $7.51.
- Wallets holding between 100,000 to 1 million LINK added over $38.5 million worth of tokens in the last week.
According to analytics provider Santiment, large Chainlink (LINK) holders have been rapidly accumulating tokens over the past 5 weeks amidst a price recovery.
Chainlink has gained 30% over the last 5 weeks, now trading at around $7.51. During this period, Santiment data shows wallets holding between 100,000 to 1 million LINK have added over $38.5 million worth of tokens in just the last week.
This aggressive accumulation by larger holders contrasts with smaller traders taking profits. Whale moves are seen as more indicative of long-term conviction in an 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
Chainlink aims to provide tamper-proof inputs
Chainlink aims to provide tamper-proof inputs and outputs for complex smart contracts through a decentralized oracle network. LINK tokens help secure the network and pay for different services.
Continued accumulation by whales even after a sizable price rebound often signals confidence in further upside ahead. These holders are positioning for long-term rather than short-term gains.
However, Santiment cautions that extreme whale accumulation sometimes precedes price corrections if it becomes overheated. Moderation is ideal for sustained uptrends.
For now, the ongoing whale activity provides promising evidence of strengthened commitment to Chainlink amidst the recent recovery. But sustainability depends on consistent fundamental development and adoption alongside technical strength.