Chainlink Whale Wallets Reach All-Time High
On-chain data indicates that the number of large Chainlink (LINK) wallets has reached a new all-time high, signaling increased interest from significant investors in the network.
According to data from on-chain analytics firm Santiment, the number of Chainlink wallets holding at least 100,000 LINK has reached a record high. This metric, known as “Supply Distribution,” tracks the total number of addresses within a specific group based on their LINK holdings.
These investor groups are categorized by the number of tokens held. For this analysis, the focus is on wallets holding a minimum of 100,000 LINK, which, at current exchange rates, equates to approximately $957,000. This threshold typically includes large-scale investors, often referred to as “whales,” whose activities can significantly influence the network.
A chart shared by Santiment illustrates the change in Supply Distribution for these Chainlink investors over the past few months. The graph shows a rise in the number of wallets holding 100,000 LINK or more, indicating a growing presence of large investors on the network. Specifically, the Supply Distribution of LINK whales has increased by 8.2% over the last seven weeks.
This influx of large investors has occurred while the cryptocurrency has generally traded sideways. Currently, there are 805 wallets holding at least 100,000 LINK, a new all-time high. Santiment noted that “Key stakeholders are showing bullishness toward the #16 market cap in crypto.”
It remains to be seen whether this optimism among LINK whales will translate into price appreciation for the cryptocurrency.
In contrast to the accumulation trend observed in Chainlink, Bitcoin has seen distribution from its large holders. Analyst Ali Martinez highlighted in a separate X post that the supply held by Bitcoin whales has recently declined. The chart indicates that Bitcoin whales sold 18,447 BTC between the 18th and 21st of this month, equivalent to approximately $1.41 billion.
LINK Price
At the time of writing, Chainlink is trading around $9.57, unchanged from one week ago.
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