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Crypto analytics firm Santiment: Large addresses holding Chainlink (LINK) are on the decline

According to Santiment, the number of Chainlink addresses containing between 100,000 and 10 million LINK has decreased since August 6. The Chainlink price that got the spotlight recently corrected by 26.92% after reaching a lifetime high of $ 20.1 on August 16.

The whale seems to be the reason why the Chainlink price’s massive rally

Barstool Sports founder Dave Portnoy claims he belongs to “team LINK” while the rally is going on with a 1.018% gain in 2020. FOMO retail investors are always not enough to stay active force when the whale starts making big moves.

large-addresses-holding-chainlink-link-are-on-the-decline

Source: TradingView

On August 17, LINK sent a shockwave across its community by up 20% in one minute. While it didn’t take long for the token to partially recover from the drop, it still goes well beyond the recent highs, which are currently swapping hands at $ 16.01 on the Binance exchange.

Online analyst Ali Martinez estimates that about 64 whales are now out of the network.

LINK’s spectacular rally was primarily driven by a long chain of partnerships that included around 200 projects. Chainlink has yet to launch a bet that will allow the token holders to earn passive income.

Such an aggressive marketing strategy has also been used by San Francisco-based blockchain giant Ripple.

Back in July, Messari founder Ryan Selkis said that the token was “half-baked” back when it was only trading at $ 8, compared to XRP:

“I love what the team there is working on. But the token is nuts. Do not understand any of it. It’s like XRP without the long institutional.”

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