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Whale addresses continue to accumulate as LINK recovers more than 40% after the market-wide catastrophe


December 8, 2021 · By MATheGooner
Chainlink (LINK)

Chainlink stands out among its cryptocurrency contemporaries in terms of the amount of time it spent trading sideways prior to the market-wide correction.

Source: Cryptodencia.com

Although the cryptocurrency is still up more than 200 percent in 2021, LINK, like most major cryptocurrencies, saw a significant drop on December 4th due to aggressive dumping, tremendous anxiety, and liquidations.

Chainlink (LINK) hasn’t been as active in the altcoin bull run as many other major cryptocurrencies have been in recent months, but the Oracle network is starting to ramp up after rising by more than 40% from the lows as a result of the correction.

Today, Chainlink reclaimed the $22 mark, and whale behaviour is resuming to demonstrate some moderate steady accumulating growth. According to on-chain metrics publisher Santiment, addresses with 100k to 10m $LINK have added around 3M $LINK.

🔗🐳 #Chainlink jumped back above $22 today, and whale behavior is beginning to show some modest consistent accumulation growth once again. Addresses holding 100k to 10m $LINK have added about 3M $LINK, and own 23.6% of the popular asset's total supply. https://t.co/FJSqSiRUjE pic.twitter.com/hm9o2uqvkF

— Santiment (@santimentfeed) December 8, 2021

These addresses amassed 62.02 million coins worth $1.45 billion in September (3.4 percent of the total supply). They now hold 23.6 percent of the overall supply of digital assets, which is a new high.

The Chainlink ecosystem continues to develop fundamentally as the key players in the DeFi ecosystem employ Chainlink oracles to interact across networks as the initiative gains traction.

Despite the fact that the cryptocurrency has yet to have a bull run, Whales have increased their holdings, indicating the network’s overall bullish outlook. As long as the bull cycle continues, the price of LINK is expected to rise strongly.

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