Chainlink Whales Increase Holdings Amid Crypto Downturn
Recent on-chain data reveals that Chainlink whales took advantage of last week’s crypto downturn to accumulate more LINK tokens, with large holders acquiring over 6.2 million tokens worth $76.8 million. The total supply of Chainlink is 1 billion LINK, with circulating supply currently standing at just over 608 million. This strategic move by whales indicates a bullish sentiment towards Chainlink despite recent price fluctuations.
Whale Activity Indicates Strong Confidence in Chainlink
Noteworthy whale holdings in the 10k – 100k and 100k-1 million LINK brackets have increased by 1.94% and 4.57%, respectively, over the past month. The top 19 whale addresses holding between 10 million to 100 million LINK collectively possess about 502 million LINK, representing a concentration of 50.29% of the total supply. Additionally, the whale cohort with holdings between 100k – 1 million LINK number 481 addresses, holding 127.63 million tokens worth approximately $1.57 billion.
Chainlink’s Positive Growth Trajectory Driven by Strategic Partnerships
Chainlink’s price rebounded above $13.20 following a dip to $11.15 on July 5, reflecting whales’ confidence in the cryptocurrency. Key network developments and integrations, such as partnerships with Fidelity International and Telefonica, have contributed to Chainlink’s recent success. The collaboration with Fidelity International to power a $6.9 billion money market fund and the partnership with Telefonica to enhance security against ‘SIM Swap’ hacks have further boosted Chainlink’s credibility and market value.
