Chainlink has been witnessing strong whale accumulation and address activity this year. Sharks and whale addresses, holding 10,000-1 million LINK, have continued to pile up tokens as the bear market set in.
According to the latest data from the crypto-analytic platform, Santiment, this cohort of investors has collectively added over $312 million worth of LINK tokens to their wallets since March 3rd.
“Chainlink’s shark & whale addresses (holding 10k to 1m $LINK) have been busy accumulating during the 2022 bear market. Since March 3rd, these addresses have added 47.31M LINK to their wallets, collectively. This translates to $312.7M more invested.”
- The whales and sharks are currently holding 17.61% of the total circulating supply of LINK, increasing their holdings by a decent 4.73% during the period of six months.
- Typically, an accumulation trend precedes price swings on the upsides, but that has not been the case for Chainlink.
- On the price front, LINK is yet to see a breakthrough after erasing much of the gains established during brief rallies last month.
- The most recent sell pressure can be attributed to offloading of tokens by another category of LINK addresses holding more than 10 million LINK, which controls around 54% of the total circulating supply.
- Outflows were also observed in whales holding between 10,000 and 100,000 LINK, which further prompted a sell-off resulting in a nearly 9% loss over the week.
- Yet another cohort accumulating are LINK addresses holding between 100,000 and 10 million coins which saw their balances increase substantially.
- On the development side of things, Chainlink recently announced 15 integrations across BNB, Ethereum, Moonbeam, and Polygon.
- The oracle provider also secured its place in service provision for the cargo and marine industries in line with its expansion plans across some crucial industrial pillars via the Ontonomi parametric insurance platform.
- More recently, it launched a new program called SCALE to ease oracle network operating costs.
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