The “mid-sized” wallets that contain between 1,000 and 100,000 $LINK are buying up large quantities of LINK tokens on Chainlink, the decentralised oracle network.
This is an unprecedented amount of activity for 2023, as on-chain analytics company Santiment reports that in the last week alone, these investors had amassed around 3.9 million LINK worth nearly $20 million. The accumulating process is continuing, and this year has seen a record number of LINK whale transactions.
So far this year, Chainlink has established a partnership with SWIFT and more than a dozen important financial institutions, significantly increasing its reach and impact. Access to external data, off-chain computing, and cross-chain interoperability are all areas where blockchain technology falls short, and Chainlink promises to fill those gaps.
The protocol claims that since the beginning of 2022, over $7 trillion in transaction value has been made possible because of Chainlink’s Price Feeds, which are industry standards for safe and trustworthy asset values.
Recent deployments, as the NFT Floor Price Feeds announced in partnership with Coinbase Cloud, and future advancements, like the enlargement of data products accessible via feeds, are all part of this rapid growth.
According to a report by CryptoGlobe, the largest on-chain transaction spike for the decentralised oracle project in the last 90 days occurred earlier this year when LINK whales moved tens of millions of dollars worth of the cryptocurrency amid a cryptocurrency market downturn and as the project was integrated into Coinbase’s layer-2 solution Base.
The cryptocurrency market, which has taken a beating over the last few days, looks to be stabilising, according to statistics from Santiment.
Santiment predicts that even with the current climate of uncertainty, prices may eventually recover to their pre-crash levels before the next round of legal changes.
After two years of dormancy, a large holder of Binance’s native currency, $BNB, has emerged and dumped some of their holdings on the market, reaping huge gains and heralding an interesting change in the behaviour of crypto whales.
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