Chainlink whales buy the dip, grab 6.2 million LINK

As an experienced cryptocurrency analyst, I’ve closely monitored the market trends and on-chain data for various digital assets, including Chainlink (LINK). The recent crypto downturn saw many investors scrambling to sell their holdings, but data suggests that Chainlink whales took advantage of the situation by buying more LINK.

Chainlink whales used last week’s crypto downturn to add to their holdings, on-chain data shows. 

Last week, Chainlink (LINK) saw approximately 6.2 million worth of this cryptocurrency being acquired by its large holders on Mondays.

According to the whale ownership chart shared by the analyst on X, these whales amassed over $76.8 million worth of LINK during the past week.

Over the past week, major investors in Chainlink, referred to as “whales,” have purchased around 6.2 million dollars’ worth of $LINK tokens, equating to a total investment of roughly 76.88 million dollars.— Ali (@ali_charts) July 8, 2024

Top whales hold 502 million LINK

Data from IntoTheBlock reveals a 1.94% growth in holdings within the 10,000 to 100,000 LINK range over the last month. Simultaneously, investors possessing between 100,000 and 1 million LINK experienced a more significant increase of 4.57% during the same timeframe.

As a data analyst, I’ve identified 19 whale addresses with balances between 10 million and 100 million LINK, collectively holding approximately 502 million LINK. This equates to around $6.2 billion based on current market prices. These addresses accounted for 50.29% of the total LINK supply at the time of my analysis.

Currently, there are approximately 481 whales with Link tokens ranging from 100,000 to 1 million in value. The aggregate worth of their holdings is around $1.57 billion. Additionally, 83 addresses own between 1 million and 10 million Link tokens, collectively holding $2.42 billion worth of tokens.

Approximately 608 million units of Chainlink’s total supply of 1 billion LINK are currently in circulation, according to data from IntoTheBlock.

Whales buy LINK dip

Recent whale behavior indicates a positive outlook on Chainlink among these large investors, even as the price of LINK dipped down to $11.15 on July 5. Since then, the price has bounced back above $13.20, registering a 6% growth in just 24 hours.

In the past few months, Chainlink has experienced significant growth due to several major advancements and partnerships within its network.

Fidelity International and Sygnum have recently formed a partnership, which will utilize the technology and infrastructure of the oracle network to manage Fidelity International’s $6.9 billion money market fund.

Chainlink, represented by the link referred to, experienced significant growth due to a strategic alliance with Telefonica, a prominent Spanish telecommunications corporation. The collaboration intends to leverage Chainlink Labs’ technologies to enhance Telefonica’s security and safeguard users against SIM Swap fraud.

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2024-07-08 18:22