Recent on-chain data shows that large holders of crypto have added 15.2% of LINK supply to their holdings, buying on the dip.
Santiment on-chain data vendor has taken to Twitter to share that crypto whales continue to acquire LINK on the dip, adding over 15% of the LINK supply to their holdings in the past several months.
“Whale traders are staying busy”
The Santiment team has tweeted that while the 17th-biggest cryptocurrency, Chainlink, is trading at the $25.70 low, large cryptocurrency investors and traders, known as whales, have been buying the dip.
Over the past four months, they have purchased 15.2% of the LINK supply, despite the volatility demonstrated by the coin. The highest peak reached by LINK in this period was $34.78 on Sept. 6 and the lowest level hit by the token was $13.78 on July 13.
Now, wallets with 1-10 million LINK own a whopping 167.7 million tokens. That is the equivalent of $431 million. Overall, these wallets now hold 16.8% of the LINK supply.
🔗🐳 #Chainlink sits at a modest $25.70, but whale traders are staying busy & adding to their bags. Addresses with 1M to 10M $LINK now own 167.7M tokens worth $431M. In the last 4 months, through this volatility, these whales have added 15.2% more $LINK. https://t.co/MJcXwUTvz0 pic.twitter.com/N8xqjE240s— Santiment (@santimentfeed) October 19, 2021
Top 10 LINK whales hold 62.7% of supply
Earlier, Santiment reported that the top 10 Chainlink whales were unwilling to hold their crypto riches for a long time and kept redistributing their LINK stashes to investors with smaller wallets.
LINK is around 51% below its all-time high of $52 reached in May of this year, trading at $25.70 at the moment. As it happened, LINK dropped 73.72%, declining to a $13.70 low in June.
On Sept. 15, a partnership between Chainlink and Cardano was announced during Cardano Summit 2021. The largest proof-of-stake (PoS) blockchain plans to leverage Chainlink oracles for building advanced smart contracts.
However, that did not have any effect on the LINK price.