As the cryptocurrency waters started to warm up, the whales returned and started collecting. On-chain analytics platform Santiment draws attention to the accumulation frenzy of Chainlink whales. In this vein, he states that whales added more than $50 million in LINK in just 5 weeks. He also notes that whales caused a huge increase in the altcoin price in this process.
The insatiable appetite of whales pushed the altcoin price up!
cryptokoin.comAs you follow from , Chainlink showed a huge uptrend after the Staking v0.2 upgrade. Shedding light on the latest developments, Swell Network integrated Chainlink CCIP for faster transactions. As soon as the announcement was shared, whales started accumulating LINK. In response, the Chainlink (LINK) price gained 8% in just two days.
Onchain data analysis platform Santiment shows that over the past five weeks the top 200 wallets have strategically added a staggering $50 million worth of LINK to their holdings. Meanwhile, the altcoin market cap experienced an impressive overall growth of 143% in just five months. Even more remarkable is its outstanding performance compared to Bitcoin, with a significant increase of 93%. In this way, Chainlink is ahead of all other altcoins experiencing whale accumulation.
If we look deeper, it is possible to associate this major market movement with the transition from Staking v0.1 to v0.2. According to the announcement, the Staking v0.1 pool became inactive on November 28 and no longer distributes rewards. In other words, it no longer secures Chainlink services. LINK holders participating in v0.1 are required to migrate their tokens to staking v0.2 according to the staking program. The V0.2 community pool is filled with 19,041,871 LINK tokens with a limit of 40,875,000 LINK.
LINK $20 traveler?
At the time of writing, the altcoin price has increased by 6.85% in the previous 24 hours. Additionally, LINK was trading at $15.75, up 6.88% in the last 7 days. Chainlink’s 24-hour transaction volume reached $613 million. LINK, which has a market value of $8.7 billion, has been on the rise recently. The recent increase has also caused a significant increase in Chainlink’s Total Collateral Value (TVS). TVS stood at a low $13 billion last month. However, by the beginning of December TVS exceeded $16. This only happened in Staking, leaving many Defi protocols behind.
Since the beginning of the month, the altcoin price has been in an upward trend, increasing by more than 8%. Meanwhile, the consolidated closure in November had raised concerns. However, subsequent whale activity showed that LINK price has a clear path over the next few days. According to analysts, if whale activity continues and investors enter the market, it is possible for LINK to break the $20 resistance within this year.
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