While ChainLink ($LINK) may currently show a 5% dip in the past 24 hours, the cryptocurrency has undergone an impressive surge of over 128% in the last three months.
Over 100% Increase Recorded By $LINK From October To November
Notably, ChainLink witnessed a significant boost starting from October 17th, catapulting from $7.3 to its current level of $14.30, marking a remarkable 100% increase in value.
Data provided by Santiment sheds light on a pivotal aspect of this surge: the involvement of ChainLink whales. Around 40.18 million LINK tokens, valued at over $300 million, were unexpectedly acquired by the 200 largest LINK wallets. Intriguingly, just two days after this acquisition, the price of LINK commenced a rapid ascent.
Chainlink Network Now Holds $569 million worth of $LINK
Further analysis of the data uncovered that the largest wallet within the ChainLink network now holds a staggering $569 million worth of LINK, constituting 3.8% of the total supply.
Within the period from October 19 to November 11, LINK’s price witnessed a remarkable +73% increase against BTC and an overall surge of +125%.
Examining this timeframe, it becomes evident that the significant acquisitions by these prominent wallets played a crucial role in driving the price surge of ChainLink. The strategic accumulation by these key players led to an increased demand for LINK tokens, simultaneously causing a decrease in the available supply.
In essence, the ChainLink whales, with their substantial token acquisitions, became influential players in the cryptocurrency’s recent surge. Their actions not only impacted the market dynamics but also underscored the role of large holders in shaping the trajectory of a digital asset.
As ChainLink continues to navigate the volatile cryptocurrency landscape, understanding the dynamics of whale activities remains essential for market participants seeking insights into potential price movements and trends.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.