According to a tweet by crypto analytics firm Santiment, major cryptocurrency investors called whales bought “low-end” billion-dollar Chainlink (LINK) last week. This acquisition of LINK, which is ranked fifteenth in the market capitalization ranking, constitutes 3.4% of the total value.
Santiment found that short-term investors sold quickly at very low prices in the last week’s declines. LINK, one of the best-selling altcoins after the declines last week, managed to attract the attention of large investors. The whales, who bought a total of 62.2 million LINK after Sunday’s declines, purchased 3.4% of the current LINK supply. The total value of these LINKs is equivalent to $1.45 billion!
🐳🔗 #Chainlink is at a quiet $23.30, but whales have accumulated a TON of $LINK‘s supply after weak hands jumped ship following the market-wide dip. Addresses with 1M to 10M $LINK accumulated 62.02M coins worth $1.45B (3.4% of the total supply) last week. https://t.co/egIlgYF77F pic.twitter.com/7eB9eGIFXG
— Santiment (@santimentfeed) September 28, 2021
According to Santiment, these whales are planning to make short-term investments in LINK rather than making long-term investments. A similar event took place last August, when the whales’ supplies were redistributed among smaller investors.
Why Whales Don’t Invest Long-Term
It can be read from the current data that these big investors who bought LINK million dollar hold LINK for a short time, but what is the reason for this? According to the available data, the reason for making short-term investments is that the coin exhibits volatile price movements. LINK reached an all-time high on May 10, 2021, reaching $52.88. On July 20, 2021, it advanced towards the low of $13.97. Trying to rise again after this decline, LINK started to show a downward line after rising to $ 35.58 on September 6, 2021.
Chainlink recently announced that they have started agreements with other blockchain platforms. Finally, he made deals with strong altcoins such as Avalanche and Cardano. Cardano wanted to create advanced smart contracts using Chainlink’s oracles.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.