Chainlink Whakes Holding 10K To 10M Link Adds 17.1 Million LINK in Two Weeks.
There has been spectacular growth in the adoption of Chainlink (LINK) in the last two weeks.
Popular on-chain metric data provider Santiment Feed reports a growing user activity among Chainlink addresses holding from 10,000 to 10,000,00 LINK.
According to the recent data, Chainlink addresses in this category have accumulated 17.1 million LINK since February 27, 2022.
“Chainlink‘s key whale addresses that hold between 10k to 10m LINK have accumulated 17.1 million since February 27th,” Santiment stated on Twitter.
?? #Chainlink's key whale addresses that hold between 10k to 10m $LINK have been accumulated 17.1m since February 27th. This rise in their collective holdings is encouraging, considering these address holdings correlate with rises & falls against $BTC. https://t.co/WOlLxVDoJJ pic.twitter.com/Co6IvV2z1R
— Santiment (@santimentfeed) March 10, 2022
The recent adoption of Chainlink represents a growing interest in cryptocurrency, which has been the case in recent times.
Falling Prices Trigger Widespread LINK Adoption
Chainlink has had its fair share of market dips since the beginning of the year. LINK, which hit an all-time high of $52.7 in May 2021, has fallen over 75.2% ever since.
On year-to-date, LINK is down by 33.2% after falling from $19.63, the price it opened the year with. When writing this line, LINK is currently changing hands around $13.17.
With the cryptocurrency experiencing massive fluctuations in value, investors have seen the price dip as an opportunity to increase their LINK holding.
Last month, Chainlink’s adoption skyrocketed to another level after the cryptocurrency became the most traded digital currency among top Ethereum (ETH) whales.
At the time, Ethereum whales took advantage of LINK’s price dip to accumulate 1.3 million Chainlink for $18.8 million.
Chainlink’s Accelerating DeFi Sector
Launched in September 2017, Chainlink is a decentralized oracle network that enables public blockchain to bring off-chain data to on-chain with a negligible trust in third parties.
The network’s native cryptocurrency dubbed LINK is used as a payment method for node operators and oracles to provide secure data feeds.
Usage of Chainlink Data Feeds has increased exponentially in the last 12 months, reaching 50M+ cumulative on-chain calls in February 2022—an almost 6,000% increase from February 2021.
Chainlink’s outstanding performance has not gone unnoticed in the financial sector. Last month, a group of Bank of America (BofA) experts noted that the decentralized oracle network had been the main reason for the total volume locked (TVL) growth across various DeFi protocols.
IntoTheBlock Data:
Data from the block shows a positive sign that Link 7 days of exchange inflows are far less than outflows. Investors trusting link are storing it away from exchanges as $125.6M left exchanges in 7 days. While Link exchange Inflow recorded for the past seven days stands at $51.7M.
The data also show that at the current price levels of $13.24, only 24% of holders are at a profit, while 72% of link holders face losses at the current prices.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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