In the span of just five weeks, large investors in Chainlink, known as whales, have increased their holdings by over $50 million worth of LINK tokens. This substantial accumulation has led to a significant surge in LINK’s market capitalization.
Chainlink witnessed a notable uptrend following the recent Staking v0.2 upgrade. Highlighting recent advancements, Swell Network has incorporated Chainlink CCIP to facilitate quicker transactions. Upon the announcement, significant investors, often referred to as whales, initiated the accumulation of LINK tokens. This resulted in an 8% increase in the price of Chainlink (LINK) within a span of just two days.
Chainlink Whales Add $50M in 5 Weeks, Fueling 143% Cap Surge
Source: Santiment
Santiment, the on-chain data analysis platform, reveals a strategic move by the 200 largest wallets, accumulating an astounding $50 million worth of LINK in the past five weeks. This calculated accumulation has propelled Chainlink’s market capitalization to an impressive 143% growth in just five months, outperforming Bitcoin by a notable 93%. This surge positions Chainlink ahead of other altcoins experiencing similar whale accumulation.
Delving deeper, this significant market movement is attributed to the recent transition from Staking v0.1 to v0.2. The Staking v0.1 pool became inactive on November 28, 2023, ceasing reward emission and securing Chainlink services. Participants in v0.1 are required to migrate their tokens to Staking v0.2 per the staking program. The v0.2 community pool currently holds 19,041,871 LINK tokens, with a capped limit of 40,875,000 LINK.
Chainlink’s Recent Surge: LINK Price Hits $15.66 with 5.56% Daily Gain
As of the latest update, Chainlink (LINK) is trading at $15.66, marking a notable 5.56% increase in the past 24 hours and a 5.96% rise over the last 7 days. The 24-hour trading volume stands at $613 million, contributing to a market cap of $8.7 billion, reflecting Chainlink’s upward momentum.
This recent surge has not only impacted the price but has also significantly boosted Chainlink’s Total Value Secured (TVS). After dipping to $13 billion last month, the TVS surpassed $16 billion in early December, primarily driven by Staking activities, surpassing several Defi protocols.
Throughout the month, Chainlink’s price has displayed a consistent upward trend, witnessing an increase of over 8%. Despite concerns following the consolidated close for November, recent whale activities suggest a clear path for LINK’s price in the coming days.
With sustained whale activity and potential investor influx, LINK is positioned to overcome the $20 resistance level before the year concludes.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
