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$223 Million Worth of LINK Bought by Large Holders in Five Month Accumulation Spree

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Sat, 22/10/2022 - 16:27
$223 Million Worth of LINK Bought by Large Holders in Five Month Accumulation Spree
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Chainlink has seen accumulation from large holders in the year so far. Shark and whale addresses holding 10,000-1 million LINK have continued to accumulate tokens as the bear market evolved.

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Crypto analyst Ali, referencing Santiment data, reports that Chainlink wallets holding between 10,000 and 1,000,000 LINK have purchased more than $223 million worth of LINK since mid-May, when the cryptocurrency bear market was exacerbated as a result of the Terra collapse.

On-chain analytics firm Santiment gives a recap of the activity of this category of holders: "Chainlink's shark and whale addresses (holding 10,000 to 1 million LINK) have been busy accumulating during the 2022 bear market."

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According to Santiment, since March 3, these addresses have added 47.31 million LINK to their wallets, collectively, which translates to $312.7 million more invested.

At the time of publication, Chainlink was changing hands at $6.90, up 4.70% in the last 24 hours, and ranked as the 21st largest cryptocurrency per CoinMarketCap data. At its current price, Chainlink is down 86.9% from its May 2021 all-time high of $52.70, thus presenting a discount opportunity for whales to accumulate.

Chainlink Staking in the works

Chainlink Staking is currently in the works and will give ecosystem players a chance to earn rewards for boosting the security and user assurances of oracle services by backing them with staked LINK tokens.

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It will begin with Chainlink Staking v0.1, an early-beta version that will go live in December 2022. It is intended to start with an early access phase before opening up to general access and will require an on-chain transaction on the Ethereum mainnet.

Future plans include the incorporation of new features like user fee rewards, a more sophisticated reputation system and other security assurance techniques.

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