• Tue. May 28th, 2024

Whales holding Chainlink (LINK) have Increased Significantly over Recent Months

Hassan Mehmood

ByHassan Mehmood

Nov 1, 2020

Leading whales of Chainlink have spent their time in accumulating LINK since the start of 2020. Analytics firm has hinted at increasing accumulation but the network developments are not praised worthy.

Top 100 Whales

According to the data published by on-chain analytics firm Santiment top 100 whales of Chainlink have stored nearly 34.32 million in their personal wallets rather than exchanges. Accumulation of LINK tokens on part of 100 leading whales of Chainlink predicts a bullish scenario for the project. “$LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake,” Santiment added.

On the other hand, Zeus Capital claims Chainlink’s network is lagging behind in development despite “abundance of capital, upcoming new features and seemingly weekly integrations.”

The alternative projects have started making their place in the market, which are offering similar features and facilities as offered by Chainlink. For instance, Nest Protocol has become successful to some extent in diverting the attention of some renowned investors from Chainlink towards itself. Almost $500k has been injected into Nest Protocol’s DEX on the part of Huobi, Coinbase, and Dragonfly.

In price behavior, Chainlink is struggling to claim the support level standing at $12. However, LINK is currently exchanging hands at $11.28 after top digital asset Bitcoin has exceeded the $14k level over some crypto exchanges.

Chainlink is following other altcoins that are not performing well and are lagging behind the world’s leading digital asset. Bitcoin’s dominance is at a peak value and even capturing investments of altcoins. Bitcoin will soon claim $14,000 if it becomes successful in “sucking away capital.” If altcoins’ bearish trend continues, Link price may go towards as low as$10.

Santiment also unveils that whales are also holding XRP over the last six months. Per the published data, wallets, having 100,000 XRP, have increased in numbers significantly. “Ripple’s whale count has spiked the past 6 months, with many in high-tier brackets of $XRP held,” it added. There are almost 280 to 390 whales which are holding more than 10 million XRP.

Hassan Mehmood

Hassan Mehmood

Hassan Mehmood, a valued writer at Big Trends Signals, uses his profound online trading expertise to produce in-depth guides and unbiased reviews, enabling traders to navigate digital marketplaces efficiently.

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