Chainlink changing hands at $6.90, up 4.70% in last 24 hours
So far in the year, Chainlink has seen accumulation from large holders. As the bear market develops, the addresses of sharks and whales holding 10,000-1 million LINK continue to accumulate tokens.
Crypto analyst Ali, referencing Santiment data, reports that Chainlink wallets holding between 10,000 and 1,000,000 LINK have purchased more than $223 million worth of LINK since mid-May, when the cryptocurrency bear market was exacerbated as a result of the Terra collapse.
On-chain analytics firm Sentient gives a brief description of the activity of this category of holders: “Chainlink’s sharks and whales have been busy piling up addresses (holding 10,000 to 1 million links) during the 2022 bear market.”
According to Santiment, since March 3, these addresses have added 47.31 million LINK to their wallets, collectively, which translates to $312.7 million more invested.
At the time of publication, Chainlink was changing hands at $6.90, up 4.70% over the past 24 hours, and ranked as the 21st largest cryptocurrency according to CoinMarketCap data. At its current price, Chainlink is down 86.9% from its May 2021 all-time high of $52.70, thus providing a discounting opportunity for whales to hoard.
Chainlink Staking in the works
Chainlink Staking is currently in the works and will give ecosystem players a chance to earn rewards for boosting the security and user assurances of oracle services by backing them with staked LINK tokens.
This will start with Chainlink Staking v0.1, an early beta version that will go live in December 2022. It is intended to start with the early access phase before it is opened for general access and will require on-chain transactions on the Ethereum mainnet.
Future plans include the incorporation of new features like user fee rewards, a more sophisticated reputation system and other security assurance techniques.
