CHAINLINK SEES A DRAMATIC PRICE INCREASE
In recent weeks, Chainlink (LINK) has experienced a substantial rise in value, nearly tripling since early November. Although the asset faced a minor decline at the beginning of the week, renewed bullish momentum has taken over in the following days.
A glance at the latest data reveals that Chainlink has rebounded over 47% from its earlier lows earlier in the week, successfully breaching the $28 mark. Currently, LINK’s performance over the past week exceeds 22%, solidifying its position as the leading cryptocurrency by market capitalization.
Now holding the 12th spot in the cryptocurrency ranking, Chainlink closely follows Shiba Inu (SHIB) in market cap.
MAJOR HOLDERS OF LINK INCREASE ACCUMULATION
According to insights shared by the on-chain analytics firm Santiment on the platform X, interesting trends are emerging among Chainlink investors. Their “Supply Distribution” metric tracks how Chainlink is held across various wallet segments.
Investors with wallets containing over 100,000 LINK are considered significant players, often dubbed sharks and whales. Historical data suggests that when these larger holders begin to accumulate LINK from smaller, more anxious retail investors, an uptick in market capitalization typically follows.
Recent observations reveal a striking divergence in accumulation trends between these two groups. Smaller Chainlink holders have been selling off their assets for the past two months, while the sharks and whales have strategically bought up 5.69 million LINK from this group.
OBSERVATIONS IN INVESTOR BEHAVIOR
This duality in investor behavior highlights the shifting dynamics within the Chainlink ecosystem, painting a fascinating picture of market activities.
Source: Bitcoinist
