Whales Purchase Chainlink Worth $1.4 Billion amidst Market Sell-off

Briefly –

  • Wallet addresses with 1-10 million Chainlink accumulated almost 62 million coins during the price dips.
  • In August this year, large wallets collected LINK, though the supply saw redistribution soon after.
  • The recent Chainlink partnership with Cardano and Avalanche may boost LINK’s price.

Historically, wallet accumulations by large investors have resulted in sell-offs. Also, LINK whales have been holding assets for short durations. A new accumulation cycle steps up, whales purchasing Chainlink worth $1.4 billion.

LINK Whales Purchased the Dip, Adding 62 Million to Their Holdings

Large wallets have purchased 62 million Chainlink coins in the current price dip. The accumulated LINK equals 3.4% of the overall token’s supply. Weak hands, wallets that sell instead of holding digital assets, sold their Chainlink holdings.

The recent massive sell-off in the crypto market encountered accumulation by whales. Large wallets took advantage of the dip, adding their holdings with 62 million assets. Keep in mind that LINK whales accumulated the tokens in 2021 August. However, these investors trimmed their holdings shortly after.

Santiment, a cryptocurrency behavior analytics site, noted the unwillingness of large whales to hold LINK. Therefore, the alt’s supply sees redistribution among small addresses. Shedding Chainlink holdings depicts asset volatility. Meanwhile, LINK has recorded a consistent price drop since September’s initial week.

Market players expected the recent Chainlink partnerships with Cardano and Avalanche to catalyze price upticks. However, the alternative coin failed to record higher moves regardless of the announcements on 25 September.

A pseudonymous crypto analyst on an investment platform using @EffortCapital handle on Twitter posted that LINK will rally. The crypto analysts trust the Oracles network will be the next capital rotation stop after layer-one solutions. Eight Global CEO Michael van de Poppe considers LINK considerably undervalued. Poppe also believes LINK will see bullish runs in sessions to come.

Meanwhile, the total market faced challenges to recover their previous losses on Friday. That was after China declared implementing a total crypto ban in the nation. Though China had announced a crypto ban previously, digital assets reacted negatively, plunging once more. However, most analysts believe LINK will explore higher price zones soon.

Feel free to comment below.