Santiment on-chain data vendor has taken to Twitter to share that crypto whales continue to acquire LINK on the dip, adding over fifteen percent of the LINK supply to their holdings in the past several months.
“Whale traders are staying busy”
Santiment team has tweeted that while the 17 largest 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 percent of the LINK supply, despite the volatility demonstrated by the coin. The highest peak reached by LINK in this period was $34.78 on September 6 and the lowest level hit by the token was $13.78 on 13 July.
Now, wallets with 1 million to 10 million LINK own a whopping 167.7 million tokens. That is the equivalent of $431 million. Overall, these wallets now hold 16.8 percent 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 percent of supply
Earlier, Santiment reported that top 10 Chainlink whales had been 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 percent below its all-time high of $52 reached in May this year, trading at $25.7 at the moment. As it happened, LINK dropped 73.72 percent, declining to a $13.7 low in June.
On September 15, a partnership between Chainlink and Cardano was announced during Cardano Summit 2021. The largest Proof-of-Stake blockchain plans to leverage Chainlink oracles for building advanced smart contracts.
However, that did not have any effect on the LINK price.