In line with a tweet posted by on-chain analytics data vendor Santiment, large crypto investors acquired a large amount of Chainlink (LINK) from “weak hands” last week. They added 3.4% of the total LINK supply to their crypto storage vaults from chainlink whales.
“Whales have accumulated a ton of LINK supply”
Santiment has spread the word that, after short-term investors began selling off their LINK holdings after the market plunged—thus, turning into “weak hands”—cryptocurrency whales, who store from 1-10 million LINK in their wallets, took the coins off their hands last week.
Overall, whales have purchased a staggering 62.02 million LINK on this market-wide dip. That is 3.4% of the total it provides and is equal of $1.45 billion in fiat.
Whales are usually not eager to carry their LINK: Santiment
Again in August, Santiment additionally observed a pattern of whales being unwilling to carry their LINK for a very long time as they kept redistributing their supply among smaller investors.
A potential purpose for that was a pure market response to the coin’s unstable value action. It reached an all-time high of $52.88 on May 10 and, since then, it managed to drop to a low of $13.97 on July 20 and has been rising again since then. On Sept. 6, LINK managed to rise to the $35.58 level but has been moving downward since.
Chainlink partnership with Cardano
Chainlink keeps scoring new partnerships with different blockchain platforms, offering its oracles to them. Among the many current ones are official collaborations with Avalanche and Cardano. On the latter, Chainlink oracles can be used for the creation of advanced smart contracts.
Cardano announced the information on Saturday, Sept. 25, during Cardano Summit 2021.
This announcement, however, doesn’t appear to have been bullish for the price; after rising to the $25.39 level on Sept. 27, LINK has been dropping.
At press time, the coin is changing hands at $22.80, according to information provided by the CoinMarketCap analytics information website.
Disclaimer: The opinion expressed here, Cmnnews is not investment advice – it’s supplied for informational functions only. It doesn’t essentially replicate the opinion of Cmnnews. Each funding and all trading involves danger, so it’s best to at all times carry out your personal analysis prior to creating selections. We do not suggest investing money you can’t afford to lose.