Recent analytical data shows that the Big Chainlink Whales bought 3.4% of the total LINK supply during the downturn.
According to a tweet posted by on-chain analytics data vendor Santiment, large crypto investors acquired a massive amount of Chainlink (LINK) from “weak hands” last week. They added 3.4% of the total LINK supply to their crypto vaults.
“Whales have accumulated a ton of LINK supply”
Santiment has spread the word that, after short-term investors began selling off their LINK holdings after the market plunged—thus, turning into “weak hands”—cryptocurrency whales, who store from 1-10 million LINK in their wallets, took the coins off their hands last week.
Overall, Whales bought 62.02 million LINKs during this market-wide drop. This is 3.4% of the total Chainlink supply and is the equivalent of $1.45 billion in fiat.
Whales are in no hurry to keep their LINK: Santiment
In August, Santiment also noticed a tendency for whales not to want to keep their LINK for long as they continued to redistribute their supplies among smaller investors.
A possible reason for that was a natural market response to the coin’s volatile price action. LINK hit an all-time high of $ 52.88 on May 10 and since then managed to drop to a low of $ 13.97 on July 20 and has risen again since then. On Sept. 6, LINK managed to rise to the $35.58 level but has been moving downward since.
Chainlink’s recent partnership with Cardano
Chainlink continues to score new partnerships with other blockchain platforms, providing them with its oracles. Among the recent ones are official collaborations with Avalanche and Cardano. On the latter, Chainlink oracles will be used for the creation of advanced smart contracts.
Cardano announced the news on Saturday, Sept. 25, during Cardano Summit 2021.
This announcement, however, does not appear to have been bullish for the LINK price – after hitting the $ 25.39 level on September 27, LINK fell.
