The crypto market's recent downturn has presented an opportune moment for Chainlink whales to bolster their holdings, as indicated by on-chain data insights. A detailed analysis by crypto analyst Ali Martinez points to a substantial increase in the accumulation of Chainlink tokens by major holders in the past week.
The data further illustrates that these significant players in the Chainlink ecosystem acquired a staggering 6.2 million LINK tokens within a week, equivalent to a value exceeding $76.8 million.
Noteworthy Whale Holdings
Examination of whale holdings across different categories reveals intriguing trends. Significantly, whales within the 10k - 100k bracket have experienced a 1.94% surge in holdings over the last month. Concurrently, whales holding 100k - 1 million LINK tokens have witnessed a substantial 4.57% growth in their holdings during the same timeframe.
A consolidated view points to a total of 19 whale addresses, each owning between 10 million and 100 million LINK tokens, collectively controlling a remarkable 502 million LINK tokens. At the prevailing market rates, this accumulation translates to a substantial value of approximately $6.2 billion, underscoring the significant influence wielded by this whale cohort in the Chainlink ecosystem.
In contrast, the category encompassing whales with holdings ranging from 100k to 1 million LINK tokens comprises 481 addresses, collectively holding 127.63 million tokens valued around $1.57 billion. Additionally, 83 addresses possess token quantities between 1 million and 10 million, totaling 195.9 million LINK tokens valued at $2.42 billion.
The circulating supply of Chainlink currently stands slightly above 608 million tokens out of the total 1 billion LINK tokens in existence.
Bullish Outlook Despite Price Fluctuations
Despite witnessing a decline in price to $11.15 on July 5, Chainlink has exhibited resilience and rebounded to levels above $13.20, registering a notable 6% upsurge within the last 24 hours.
This pronounced recovery can be attributed to a series of key developments and integrations within the Chainlink network over recent months. Noteworthy partnerships with industry behemoths such as Fidelity International and Telefonica have significantly bolstered the credibility and viability of Chainlink.
The strategic collaboration with Fidelity International is set to leverage Chainlink's cutting-edge technology to enhance the operational efficiency of a significant money market fund valued at $6.9 billion. Similarly, the collaboration with Telefonica aims to fortify the security infrastructure of the telecom giant against ‘SIM Swap’ attacks, thereby enhancing user protection and network security.
