LINK Sharks and Whales have collectively added over 47 million tokens to their holdings in the past seven months
The next step for Chainlink (LINK) could come from the influence of large-scale investors. According in Santiment, Chainlink (LINK) sharks and whales (wallets containing between 10,000 and 1 million LINK tokens) have been actively increasing their investments during this bear market.
According to data from the crypto market intelligence and social monitoring platform, the cohort of investors have collectively added 47.31 million LINK tokens to their holdings since March 3. This translates to $312.7 million invested in the native token of the oracle blockchain network.
With the activity over the seven months, whales and sharks now hold 17.61% of LINK’s total circulating supply, an increase of 4.73% in their total holdings over the period.
🔗🐳 #Chain linkshark and whale addresses (holding 10k to 1m $LINK) have been busy accumulating during the 2022 bear market. Since March 3, these addresses have added 47.31 million LINK to their wallets, collectively. This translates to $312.7 million more invested. https://t.co/a2Q9bAoCMK pic.twitter.com/SaSora7Ikh
— Santiment (@santimentfeed) October 21, 2022
LINK price has yet to gain momentum from whale activity
While the accumulation of whales indicates strong investor confidence in Chainlink, LINK’s price has yet to overcome broader crypto bear market pressures. However, the token has made several impressive price increases over the period that the whales have been accumulating.
Last month, the price of LINK broke away from the rest of the crypto market. The token surged around 20% despite choppy trading across the rest of the market. Right now, LINK is trading around $6.63, down 1.09%, again in line with the broader crypto market trend.
Meanwhile, anticipation is also building in the Chainlink community for the introduction of LINK staking. Blockchain developers have published a web application that LINK holders can use to check if they are eligible for early access to the feature which will be launched later this year. Staking is one of the key features that will usher in a new economic model – dubbed Chainlink Economics 2.0 – on the network.