Your favorite crypto news blog

Chainlink’s Top 100 Whales Continue Accumulation Off Crypto Exchanges

Crypto 2020/10/11 22:01 by Ponvang Bulus
Chainlink's Top 100 Whales Continue Accumulation Off Crypto Exchanges

LINK whales are increasingly accumulating more of the asset off exchanges. According to the crypto data platform Santiment, the amount of LINK held on non-exchange wallet addresses by the top 100 whales has increased by roughly 5% year on year. This has increased the value of LINK held in these addresses from 735.64M a year ago to the current value of 771.15M.

The accumulation of this asset by these top non-exchange whales has seen a steady increase in the last year. This increase preceded the impressive price performance of LINK this year when it surged from under $2 to reach almost $20 in August, a move that may have been triggered by the massive accumulation that is still ongoing.

Chainlink was founded in 2017 and after a successful ICO, has been around since then. It however only came to limelight in 2020 when it jumped from being among the top 30 cryptocurrencies to be among the 10 largest. The asset currently occupies the 7th position among the over 7,000 cryptocurrencies in existence. Santiment says that the 5% increase in accumulation indicates that the whales are confident the cryptocurrency will thrive well in the future. 

Chainlink’s Oracle protocol seeks to connect smart contracts with real-life data helping to bring real-life applications to smart contracts. The team recently announced that it is accepting grant applications for the integration of Solana with the protocol. Also in a bid to further develop the network, it has recently launched another grant to support developers with innovative ideas. With such programs in place, LINK may have a brighter future as many analysts have said.

Chainlink like most other top cryptocurrencies was in consolidation for some time before the news of Square’s Bitcoin investment revived the market, increasing the price to over $10. This is the first time the price has gotten to this level since 29 September.

Whether LINK’s price will continue to rise in the short term isn’t known, but analysts believe it can hit $32 by the end of the year.

0 Like(s)

You should also read...

Bitcoin 03/03/20 21:49 by Brenda Ngari
Bitcoin Has Cemented Its Role As A Store Of Value, Says Grayscale Investments Exec
As the threat of a full-fledged coronavirus pandemic grows by the day, investors around the world are searching for viable hedges against the chaos. Gold has been a store of value for investors world...
Read More
Altcoins 31/03/20 21:00 by Tony Spilotro
Ripple Poised to Triple By Q4 2020 After XRP Forms Classic Bottom
XRP, the cryptocurrency asset often referred to as Ripple, has been among the worst-performing crypto assets and altcoins of the last two years. However, according to one crypto analyst who has spotte...
Read More
Crypto 03/05/20 16:19 by Jeff Fawkes
CMC Q1 2020 Report Reveals Exceptional Growth of Female Users in the Crypto Space
This may mean a breakthrough for cryptocurrencies. Previously, many metrics showed that 95% of Bitcoin users are male. The situation seems like gaining new optics thanks to the world crisis. CMC i...
Read More
Mining 09/07/20 18:00 by Cole Petersen
Bitcoin Could be Following Gold’s Price, Signaling a Breakout is Imminent
Bitcoin’s multi-month consolidation phase has caused its correlation with other assets to degrade, leaving investors to question where it might trend next. One analyst is now floating the possibilit...
Read More
Bitcoin 26/08/20 04:00 by Cole Petersen
The Number of Bitcoin “Accumulation Addresses” Hit New Highs; Here’s Why
Bitcoin investors have been accumulating the cryptocurrency at a rapid pace throughout the past few months, with much of this buying pressure coming from retail investors. One metric from analytics pl...
Read More