Chainlink Whale Activity Hits Record High in 2023 After Price Plummet – Should Investors Seize the Opportunity? Analysis

• Large investors, or “whales,” are seizing the opportunity to purchase millions of Chainlink (LINK) after a precipitous price drop to a three-year low.
• Despite the overall altcoin market decline due to ongoing lawsuits filed by the SEC against leading crypto exchanges, Chainlink and Cardano’s trading volumes have surged, suggesting possible market stabilization.

Santiment, a top-tier analytics firm, recently reported a notable uptick in activity among “whales” – investors possessing large amounts of cryptocurrency – specifically for Chainlink (LINK). This movement follows a significant drop in LINK’s price, hitting a three-year low. During the previous week, wallets holding between 1,000 and 100,000 Chainlink scooped up approximately 3.9 million LINK, an amount equivalent to around $20 million.

According to Santiment, this substantial whale activity represents a record high for the year 2023. The firm noted,

“Chainlink whale transactions have hit a 2023 high as prices plummeted to a three-year low $5 this weekend. Mid-sized 1,000-100,000 LINK wallets are especially active, accumulating 3.9 million LINK (worth $20 million) over the past week.”

As of this writing, Chainlink, a prominent decentralized oracle network, trades at $5.21, reflecting a 16.3% decrease over the last week and a dramatic drop of over 90% from its all-time high.

Santiment also turned its attention to Ethereum competitor Cardano (ADA), which, according to their analysis, might have reached its ideal “buy the dip” stage following a market crash over the weekend. The analytics firm observed that ADA’s trading volume, as well as social dominance, peaked for the year 2023 after ADA’s price dipped to the $0.25 mark.

ADA currently trades at $0.27, representing a 22.4% decrease in the last seven days and a 91% decline from its all-time high.

Santiment’s findings suggest the altcoin market might be showing signs of stabilization this week after a considerable drop over the weekend. This plunge occurred as the U.S. Securities and Exchange Commission (SEC) sued the two leading crypto exchanges, Binance and Coinbase, for alleged securities violations, while classifying numerous altcoins as securities. The firm stated,

“With traders still acutely aware of the SEC’s pursuit of Binance and Coinbase, the widespread panic has somewhat subsided. Pending further developments in the lawsuits, we could witness a gradual price recovery back to pre-crash levels.”

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