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Chainlink Whales Now Hold $431 Million in LINK, Having Bought Dip: Details

News
Tue, 10/19/2021 - 10:24
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Yuri Molchan
Recent on-chain data shows that large holders of crypto have added 15.2% of LINK supply to their holdings, buying on the dip
Chainlink Whales Now Hold $431 Million in LINK, Having Bought Dip: Details
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Santiment on-chain data vendor has taken to Twitter to share that crypto whales continue to acquire LINK on the dip, adding over 15% of the LINK supply to their holdings in the past several months.

"Whale traders are staying busy"

The Santiment team has tweeted that while the 17th-biggest cryptocurrency, Chainlink, is trading at the $25.70 low, large cryptocurrency investors and traders, known as whales, have been buying the dip.

Over the past four months, they have purchased 15.2% of the LINK supply, despite the volatility demonstrated by the coin. The highest peak reached by LINK in this period was $34.78 on Sept. 6 and the lowest level hit by the token was $13.78 on July 13.

Now, wallets with 1-10 million LINK own a whopping 167.7 million tokens. That is the equivalent of $431 million. Overall, these wallets now hold 16.8% of the LINK supply.

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Top 10 LINK whales hold 62.7% of supply

Earlier, Santiment reported that the top 10 Chainlink whales were unwilling to hold their crypto riches for a long time and kept redistributing their LINK stashes to investors with smaller wallets.

LINK is around 51% below its all-time high of $52 reached in May of this year, trading at $25.70 at the moment. As it happened, LINK dropped 73.72%, declining to a $13.70 low in June.

On Sept. 15, a partnership between Chainlink and Cardano was announced during Cardano Summit 2021. The largest proof-of-stake (PoS) blockchain plans to leverage Chainlink oracles for building advanced smart contracts.

However, that did not have any effect on the LINK price.

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About the author

Yuri is a crypto 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 in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.