- Addresses holding substantial amounts of LINK have grown, indicating a concentration of assets among major investors.
- The consistent number of active Chainlink addresses suggests that current market movements are due to internal reallocations.
Chainlink has seen activity from large-scale investors, who have recently accumulated approximately $167 million worth of LINK tokens.
This observation stems from data indicating that 93 new wallets transferred around 12.75 million LINK from the cryptocurrency exchange Binance since June 24.
It seems that a mysterious whale/institution is accumulating $LINK!
We noticed 93 fresh wallets withdrawing 12.75M $LINK($167M) from #Binance since June 24!https://t.co/SkqA1r0F1N pic.twitter.com/AJR4fT36VG
— Lookonchain (@lookonchain) July 14, 2024
Examination of Chainlink’s Market Activity
Despite this notable accumulation by whales, the broader participation in Chainlink’s market has not shown significant growth. Data from Santiment reveals that the count of active Chainlink addresses has remained relatively constant.
The total number of active addresses hovered around 47,686, showing little change from the beginning of the month.
Distribution and Influence of Whale Holdings
ETHNews analysis of the distribution of LINK tokens reveals an increase in holdings among large investors. Specifically, the number of addresses holding between 10,000 and 100,000 LINK rose slightly to 2,987, and those holding between 100,000 to 1 million LINK increased to 499 by early July.
The total assets held by these addresses grew by approximately $120 million within the last two weeks, which could impact Chainlink’s price and market liquidity.
Stability in Active Participation
Despite these large transfers and the repositioning of holdings by significant investors, the overall active participation within the Chainlink network has remained stable. This indicates that the increased whale activity reflects internal reallocation rather than an expansion in the overall user base or new market entrants.
As of the latest data by ETHNews, the price of LINK was approximately $14.7, reflecting a slight increase of over 6.40%. The ongoing activities of whales and their potential impact on the market suggest that Chainlink’s financial dynamics could experience shifts, depending on future actions by these holders.
This situation underlines the strategic adjustments within the existing community rather than growth through new participants.
