Chainlink (LINK) whales have accumulated over $100 million worth of LINK in under the past week as development activity on the network surges.
In a recent tweet, prominent crypto analyst Ali Martinez revealed a significant development in the Chainlink (LINK) ecosystem. Martinez highlighted that Chainlink whales have been actively making substantial investments, acquiring approximately 14 million LINK tokens over the past week alone.
This accumulation amounts to a staggering value of over $100 million.
#Chainlink whales have bought around 14 million $LINK over the past week, worth over $100 million! pic.twitter.com/WOexHbNCRA
— Ali (@ali_charts) August 7, 2023
Martinez bolstered his claim with a chart from Santiment, a reputable market intelligence platform known for its comprehensive on-chain analysis. The chart vividly depicted the accumulation patterns of these whales throughout the past four months.
Chainlink Whale Patterns
The chart indicated a noteworthy trend in the distribution of whales holding between 1,000,000 to 10,000,000 LINK. Chainlink-holding whales exhibited a somewhat uniform pattern between the early weeks of May and June. At the time, LINK traded around $6.
However, the the cumulative balance held by these whales declined at the end of June and remained so well into July. The trend changed since August 1, as there has been a discernible increase in their holdings, per the chart data.
Interestingly, despite the heightened accumulation by these whales, the price of the LINK token experienced a decline when compared to previous timeframes when a smaller number of whales held LINK.
Chainlink Development Activity Surges
Meanwhile, two days ago, Santiment conveyed a compelling update about Chainlink’s development activity. In particular, Chainlink’s GitHub development activity witnessed a significant upswing during the summer.
??? #Chainlink's #github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales & sharks with 100K-10M $LINK now hold the most coins since December, 2022. ?https://t.co/p1x6LeiRAG pic.twitter.com/wd2tR5p1A1
— Santiment (@santimentfeed) August 7, 2023
This heightened activity culminated in Chainlink achieving a coveted position within the most frequently developed assets, according to Santiment.
Moreover, the data from the intelligence firm revealed that Chainlink’s sharks and whales amassed nearly $200 million worth of LINK in under five weeks.
Specifically, these wallets added an impressive 26.95 million coins to their holdings. This accumulation represents approximately 2.7% of the existing LINK token supply, illustrating the substantial impact of these entities.
Concurrently, the surge in development activities on Chainlink’s GitHub repository paralleled this accumulation trend, as visible from Santiment’s chart.
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