Chainlink (LINK) Gini Coefficient Prints New ATH, Says Glassnode, Here’s What It Means

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Thu, 08/13/2020 - 08:10
Yuri Molchan
Glassnode analytics collector has reported that the Gini index for LINK coins has reached a new all-time high, as well as LINK transaction metrics
Chainlink (LINK) Gini Coefficient Prints New ATH, Says Glassnode, Here’s What It Means
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According to recent data shared by Glassnode, the Gini coefficient for LINK has surged to a new all-time high, along with metrics involving LINK transactions.

Meanwhile, Whale Alert has detected several LINK transfers from whales, totaling more than 1 mln LINK, or around $18,000,000.

LINK Gini coefficient surges

The Gini coefficient (index) in economics describes wealth inequality within a nation or a group of people. Now, Glassnode has tweeted that this metric for LINK has hit a new all-time high of 0.972.

LINK
Image via Twitter

The chart shows that the coefficient started rising last year in late June, then it made an even sharper rise on July 3, showing a stable increase since then.

This is not the first time Glassnode has reported that the majority of LINK coins is concentrated in a small number of addresses.

On Wednesday, the agency shared a chart showing that LINK's balance of the top 1 percent addresses printed a 2-year high of 78.619%.

LINK
Image via Twitter

The curves on the Gini coefficient chart and on this chart are roughly the same, and the second began rising in June of last year.

LINK has also reached new highs regarding its transaction volume, according to Glassnode.

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Whales transfer almost 1,000,000 LINK

Over the past ten hours, Whale Alert has spotted four major transactions, carrying 200,000 LINK on average, and two smaller ones worth 100,000 and 70,000 coins.

In fiat, this is equal to around $18,000,000.

With the spike of LINK to an all-time high of $17.74 (as per CoinMarketCap), the interest of traders and DeFi fans is surging.

LINK
Image via Twitter

 

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.