According to a tweet posted by on-chain analytics data vendor Santiment, large crypto investors acquired a massive amount of Chainlink (LINK) from "weak hands" last week. They added 3.4% of the total LINK supply to their crypto storage vaults.
"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. This is 3.4% of the total Chainlink supply and is the equivalent of $1.45 billion in fiat.
?? #Chainlink is at a quiet $23.30, but whales have accumulated a TON of $LINK's supply after weak hands jumped ship following the market-wide dip. Addresses with 1M to 10M $LINK accumulated 62.02M coins worth $1.45B (3.4% of the total supply) last week. https://t.co/egIlgYF77F pic.twitter.com/7eB9eGIFXG— Santiment (@santimentfeed) September 28, 2021
Whales are not eager to hold their LINK: Santiment
Back in August, Santiment also noticed a trend of whales being unwilling to hold their LINK for a long time as they kept redistributing their supply among smaller investors.
A possible reason for that was a natural market response to the coin's volatile price action. LINK 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's recent partnership with Cardano
Chainlink keeps scoring new partnerships with other blockchain platforms, providing its oracles to them. Among the recent ones are official collaborations with Avalanche and Cardano. On the latter, Chainlink oracles will be used for the creation of advanced smart contracts.
Cardano announced the news on Saturday, Sept. 25, during Cardano Summit 2021.
This announcement, however, does not seem to have been bullish for the LINK 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 data provided by CoinMarketCap analytics data website.