According to data from Santiment, investors are buying large amounts of Chainlink (LINK) from those who have failed to hold their ground, rapidly selling off the coin following last week’s crash. They have added 3.4% of the total LINK supply to their crypto vaults.
Whales are rapidly accumulating Chainlink (LINK)
Data from Santiment shows that, after short-term investors started to sell off LINK at the time of the market plunge, becoming the “weak hands”, crypto whales who hoarded from 1 million up to 10 million LINK in the wallet, quickly accumulated coins.
Overall, whales bought 62.02 million LINK, a staggering number in this market-wide drop. This represents 3.4% of the total Chainlink supply, which equates to $1.45 billion.
Source: Santiment
Back in August, Santiment noticed a trend of selling off LINK and didn’t want to hold the token for long. One reason for this is the natural reaction of the market to price fluctuations. LINK hit an all-time high of $52.88 on May 10, and since then it has dropped to a low of $13.97 on July 20, then slowly rebounded since then. On September 6, LINK rose to $35.58 but has been trending down since.
Chainlink continues to record new partnerships with other blockchain platforms, bringing them the good news. Among the names that have recently officially partnered with them are Avalanche and Cardano. Going forward, Chainlink will be used to create advanced smart contracts.
Cardano announced this news on September 25, during the Cardano Summit 2021. However, the announcement did not seem to be enough to push LINK up. It seems that its momentum has come to a halt, especially after rising to $25.39 on September 27th, LINK fell.
LINK/USD 4-hour chart | Source: TradingView
At press time, LINK is trading at $23.04, down 7% over the past 24 hours.
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