The number of active addresses for Chainlink (LINK) has surpassed 47,000, indicating a steady trend. LINK is currently experiencing a slight bull trend in the market. Chainlink has consistently attracted whale investors during periods of price volatility, and recent data shows an increase in whale activity over the last few weeks. Despite this surge in whale activity, the number of active Chainlink addresses has remained stable.
Recent data from Lookonchain reveals that 93 new wallets have collectively withdrawn around 12.75 million LINK tokens from Binance since June 24, totaling approximately $167 million. This movement of funds indicates strategic positioning by these large holders, reflecting their long-term confidence in LINK or a response to specific market conditions.
An analysis of Chainlink whale addresses by Santiment shows a notable increase in holdings among larger investors. Wallets holding between 10,000 and 100,000 LINK tokens have increased, as well as wallets holding between 100,000 and 1 million tokens. The total value held by these addresses has surged by around $120 million in the last two weeks, potentially impacting market liquidity and price stability.
Despite significant whale activity, the overall number of active Chainlink addresses has shown a steady trend. There has been no significant spike in active addresses in the last few weeks, with the number remaining around 47,686. This stability suggests that the increased whale activity has not led to broader market participation or new entries into the Chainlink market.
It appears that existing participants are reshuffling their holdings, indicating strategic adjustments rather than an expansion in the user base. LINK is currently trading at around $13.7 with a 2% increase.