Amid the turbulent crypto bear market, Chainlink whales continue to refuse to back down. This has led to a rapid increase not only in the assets of Chainlink whales, but also in the number of whale addresses associated with the altcoin.
Chainlink Whale Addresses Increased by 6%
In a report published on X (formerly Twitter), Santiment revealed what Chainlink whales have been up to over the past month. Apparently, most of the market is disappointed with the falling prices, but these whales took this as a sign to continue buying more tokens.
The report showed significant accumulation among major LINK wallets holding 1 million to 10 million tokens. However, this wasn’t the only group of owners benefiting from the lower prices.
Another cohort, which included wallets holding between 100,000 and 1 million tokens, was buying just as many coins. This buying spree has seen a large number of wallets move from this cohort to the higher tier. There was a 6% increase in the number of wallets holding 1 million and 10 million LINK coins, with the remainder holding 1 million and 10 million LINK coins.
Likewise, accumulation among smaller wallets has also seen the number of wallets in the 100,000 and 1 million token cohorts increase. With the 27 wallets added to the series, the number of wallets in this group increased by 5.8%.
altcoinAs can be seen from the movement of ‘s on the charts, the LINK price benefited from these large accounts choosing to buy rather than sell. Chainlink price rose from a low of $7.12 to a high of $7.4 on Wednesday, October 11.
Even more interesting, as Santiment noted, was that this was happening while the rest of the market was hemorrhaging money. The follower wrote in the post: “The market value of #Chainlink is at $ 7.31. Additionally, it has been trading ahead of most of #crypto in the last 12 hours,” he said.
However, it looks like LINK is starting to run out of steam as of this morning when the price started to reverse. LINK’s decline during this time saw its price fall by around 3%. This may indicate some profit-taking following Wednesday’s price increase.
At the time of writing, Chainlink price is at $7.24, down 6.21% on the weekly chart. Currently, the bears and bulls are locked in a fierce battle to turn the $7.2 mark into support or resistance.
