The top 200 investors in this altcoin are continuing to accumulate.
Santiment Report Reveals Steady Rise in Chainlink (LINK) Whales’ Activity
A recent report by cryptocurrency analysis company Santiment has shed light on the intriguing behavior of crypto whales, particularly in relation to the altcoin Chainlink (LINK).
Whale Activity in Chainlink Network
Santiment analysts have identified Chainlink as a frontrunner in the resurgence of altcoins. According to their findings, several major whales have been steadily accumulating LINK tokens. The data revealed that the top 200 cryptocurrency wallets in the Chainlink network collectively added a staggering 50 million LINK to their balances over the past five weeks.
This influx of 50 million LINK translates to approximately $800 million, based on the current market value. It is worth noting that the total market value of the Chainlink token stands at around $9 billion.
Impressive Market Performance
The report also highlighted the substantial market performance of the Chainlink token, with a notable 143% surge in the past five months. In comparison, Bitcoin (BTC) experienced a 93% increase during the same period.
In addition, an annual chart depicted a remarkable rise in the LINK price, particularly evident from October onwards.
Annual chart showing the rise in the LINK price as of October.
Ripple Effect on Market Prices
Notably, the price of BTC experienced a significant surge, reaching $39,700. During the same period, the price of LINK witnessed an approximate 8% increase within the last 24 hours. Upon closer examination, it became apparent that the surge in LINK price coincided with the accumulation phase by major whales, particularly from the latter half of October.
*This is not investment advice.
The Santiment report has garnered attention for its compelling insights into the behavior of crypto whales and its impact on the market performance of altcoins like Chainlink. As the crypto market continues to evolve, such analyses serve as valuable indicators for investors and enthusiasts alike.
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