As it turns out, the 100 largest investors of the Chainlink project have been accumulating LINK tokens since last year. Moreover, this trend continued even after their price dropped in September. What could this accumulation mean?
The most important information:
A company dealing with the analysis of data placed on blockchains - Santiment, informed that despite the decline in the LINK token rate, the hundred largest whales not only kept them in their wallets, but also increased their balances (cryptocurrency exchanges do not fit into this framework)
Analysts say this behavior may indicate increased confidence in Chainlink on the part of those with the most to lose
Whales accumulate LINK tokens despite their price drop
Chainlink investors do not lose faith in its future success. It turns out that the 100 biggest whales of LINK tokens (excluding cryptocurrency exchanges) kept these coins even when their price was falling, and they were increasing their balance.
This relationship has been observed by the popular platform providing indicators and statistics from the cryptocurrency market - Santiment.
The increase in the number of tokens stored offline at this pace really shows the trust in assets on the part of those with the most to lose.
- the company wrote on Twitter.
In the chart below, we can see that the largest investors continued to accumulate LINK tokens, despite their price dropping from around $ 19.51 in August this year to $ 8.18 in September.
The current price of LINK tokens
Currently, the Chainlink project is over 8% negative in the 24-hour time frame. These tokens trade in the vicinity of $ 10.42 per coin. Yesterday's session on their chart was closed with a 6.41% loss.
The last few months have not been very optimistic. LINK fell from levels above $ 19 per coin. September was the worst in this respect, and in October there was a rebound - Chainlink was up 14% in the 31-day range.