Whales are paying attention to LINK’s underlying strength when its investor base has grown by 100% this year
The big momentum of LINK has shown some signs of slowing after the cryptocurrency set a fresh ATH level yesterday.
This is not meant to mark a decline, although it has encountered some minor resistance just above the current price level that has slowed its pace.
On-chain data shows that LINK has seen massive growth in its investor base over the past several months, allegedly driving the price up.
This growth has been combined with news of recent integrations, including the China Blockchain Service Network (BSN) will use Chainlink oracles to increase the security and efficiency of transactions.
LINK sees a 100% increase in the investor base
2019 is a great year for LINK. The crypto has witnessed a strong and relentless uptrend occurring despite the chaos of Bitcoin and the rest of the market.
This uptrend does not end in 2020, as it continues to move parabolic, bringing the price to a high of nearly $ 5.00. Although the crisis in mid-March when Bitcoin turned from $ 8,000 to $ 3,800 dealt a blow to LINK, its price witnessed a remarkable recovery. Just this week, it retested its ATH level.
Its strong uptrend seems to be supported by a strong and growing group of investors.
Data from the analysis platform Glassnode shows that the number of Chainlink investors has steadily increased throughout 2020. In total, there are currently more than 160,000 hodl LINK addresses. This number has increased by 100% since the beginning of the year.
“The number of LINK token holders continues to see a steady increase in 2020. There are currently more than 160,000 addresses holding LINK – an increase of 100% since the beginning of the year.”
Source: Glassnode
Whales are paying attention to LINK’s underlying strength
Retail investors are not the only ones driving the LINK’s phenomenal growth trend.
The Santiment research platform recently revealed that there is a large increase in high-end investors, holding between 100k and 1M tokens. Based on the token’s current price, the total value ranges from $ 478k to $ 4.78 million.
There are a rising amount of high-end holders of $LINK that hold between 100k and 1m tokens. This chart translates to holders with current USD values of $478,000 to $4,780,000 in #Chainlink Thank you to @satoshilatino for spotting this on @santimentfeed! https://t.co/f1TEQRWbHq https://t.co/wg7d3WOHxt
— Santiment (@santimentfeed) June 25, 2020
Because the increase in LINK is a macro uptrend driven by a new integration and a growing investor base, it will likely prove to be highly sustainable in the coming months.
Read more:
- China’s National Blockchain Services Network (BSN) Integrates Chainlink Oracles
- Ontology Announces Native Integration With Chainlink To Securely Access Off-Chain Data Feeds, Web APIs, And Traditional Bank Payments