- Data from Santiment shows a spike in the LINK whale transactions.
- Mid-sized wallets holding between 1K and 100K LINK are responsible for the recent accumulation.
- The wallets accumulated 3.9 million LINK tokens worth $20 million in the past week.
Data from Santiment shows a spike in the LINK whale transactions even with the crypto token dropping to its lowest price in three years. In a tweet, the on-chain market intelligence platform revealed LINK accumulators to be mid-sized wallets holding between 1,000 and 100,000 LINK.
Santiment’s data shows that Chainlink users see the falling price as an opportunity to accumulate LINK, the network’s native token. In the past week alone, Santiment revealed Chainlink users with wallets holding between 1,000 and 100,000 LINK accumulated 3.9 million LINK tokens worth $20 million.
LINK’s price plunged below $5 over the weekend, breaking below previous support at $5.90. Data from TradingView shows LINK established the support in March this year, after which the price surged to a yearly high of $8.80. Since then, LINK’s price has been in a downward movement until this weekend when it reached a 3-year low at $4.93.
Chainlink is a decentralized Oracle network. It is a Web3 protocol that enables the transfer of assets across blockchains using Smart Contacts. The decentralized protocol has grown significantly. It has experienced adoption across DeFi, insurance, gaming, NFTs, and other major industries.
The platform’s native token, LINK, currently ranks in the 21st position among all cryptocurrencies. It has a market capitalization of $2.7 billion, with a circulating supply of 517,099,970.45 LINK. That circulating supply represents only 51.7% of all the 1,000,000,000 LINK tokens that will ever exist.
As of the time of writing, LINK traded at $5.2, after a slight recovery from the 3-year low established last weekend. It has gained 3% in the past 24 hours, with a trading volume of $126.7 million within the same period.
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