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Chainlink Whales Are Not Willing to Hold Coins: Here's Why

Mon, 08/16/2021 - 10:12
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Arman Shirinyan
Chainlink whales are continuously redistributing supply with smaller investors
Chainlink Whales Are Not Willing to Hold Coins: Here's Why
Cover image via stock.adobe.com

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According to the latest data from Santiment, Chainlink (LINK) large holders, or whales, are unwilling to continuously hold coins in their wallets and prefer redistributing them among smaller investors. The main reason for such a tendency might be the natural market reaction to price movements and the decentralized nature of the token.

Chainlink's price has been progressively rising since the end of July with 112 percent growth in less than a month. For now, LINK is trading at $29 with a $53 ATH value that was reached back in May.

LINK whales have been progressively decreasing the held supply from up to 72 percent in September 2019 to 63 percent today. The sole reason has not been disclosed by any major LINK holders, but it most likely follows the decentralized nature of the coin and its popularity with smaller investors who are constantly supporting the token's price.

Santiment Link Holders
Source: Santiment

The supply held by the top addresses spikes down in periods of high volatility, leading to a rapid price increase, which most likely indicates high demand from lower-tier investors.

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Chainlink is a project providing an advanced smart contracts hub. It creates an ecosystem of smart contracts that are interacting with external feeds and allows integration with off-chain solutions.

The Chainlink Network consists of an open-source community that includes data providers, blockchain developers, analysts and more. The company's main goal is decentralization and united network contribution.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.