- Increased whale accumulation in Chainlink hints at an upcoming bull run for $LINK.
- Since March 2022, whales have added approximately $312.7 million worth of $LINK to their portfolio.
- $LINK has outperformed others during the bear market, posting a whopping 20% gains during the last month.
Despite the choppy cryptocurrency market, $LINK manages to attract severe interest from institutional investors, spurring the token price to notable highs, revealed Santiment, the crypto market intelligence platform.
According to a recent tweet from Santiment, the bloodbath in the cryptocurrency market does not seem to affect the whales, which includes wallets holding between 10,000 and 1 million LINK tokens. Instead, they are actively investing their capital in Chainlink. Since March 2022, the big market players have added over 47 million LINK tokens to their portfolios, which is approximately $312.7 million at the current price of $LINK.
Santiment further reported that whales and sharks have increased their holdings by 4.73% during the crypto bear run. And that within the past seven months, they have acquired a whopping 17.61% of the LINK’s total circulating supply.
#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. https://t.co/a2Q9bAoCMK pic.twitter.com/SaSora7Ikh— Santiment (@santimentfeed) October 21, 2022
The cryptocurrency market is undergoing brutal volatility. Several potential projects have lost steam, however, whale accumulation in Chainlink sparks a new hope within the crypto community. Seeing the whale accumulation, analysts also comprehend that the price of LINK will withstand the broader crypto bear market pressure and post a remarkable rally in the near future.
While $LINK is trading down 3% at $6.62, in line with the trend of the broader cryptocurrency market, at the time of writing, it has recorded a high of roughly 20% during the last month.
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