Chainlink, the decentralized oracle network, is experiencing significant investor activity, with substantial numbers of LINK tokens being snapped up by “mid-sized” wallets holding between 1,000 and 100,000 $LINK.
According to on-chain analytics firm Santiment, these investors have accumulated approximately 3.9 million LINK, valued around $20 million, within the past week – an unprecedented level of activity for 2023. The accumulation has been ongoing while LINK whale transactions have hit a new high for this year.
Chainlink has been seeing significant developments so far this year, including establishing a collaboration with SWIFT and over a dozen leading financial institutions, expanding its scope and reach. Chainlink’s promise lies in its ability to bridge the disconnects in blockchain technology, providing seamless access to external data, off-chain computation, and cross-chain interoperability.
Chainlink’s Price Feeds, industry standards for secure and reliable asset prices, have catalyzed decentralized finance (DeFi) ecosystems on 16 blockchains, enabling over $7 trillion in transaction value since the start of 2022, according to the protocol.
This aggressive expansion includes recent deployments like NFT Floor Price Feeds launched in collaboration with Coinbase Cloud and future developments, such as the expansion of data products available through feeds.
As CryptoGlobe reported, earlier this year LINK whales were moving tens of millions of dollars worth of the cryptocurrency amid a cryptocurrency market downturn and as the project was integrated into Coinbase’s layer-2 solution Base, in what was the largest on-chain transaction spike for the decentralized oracle project in the last 90 days.
Santiment’s data has also revealed that the altcoin market, which took a severe hit over the last few days, appears to be stabilizing. The market was affected by recent lawsuits filed by the U.S. Securities and Exchange Commission against the world’s top two crypto exchanges, Binance and Coinbase, over alleged securities violations.
Amid the prevailing uncertainty, Santiment suggests that prices could gradually return to pre-crash levels until the next legal developments unfold.
As reported, a major holder of BNB Chain’s native token, Binance’s $BNB, has reawakened after two years and sold a portion of their holdings on the market, raking in substantial profits and signaling an intriguing shift in the behavior of crypto whales.
Featured image via Unsplash.