Chainlink whales are once again on the move in what seems to be a general reawakening. Large transactions on the blockchain network have ballooned recently, alongside a drastic increase in active addresses, hinting at a notable development. Chainlink whale volumes have experienced a significant surge of 295.93%.
According to data from the IntoTheBlock website, Chainlink whales are becoming active again after a previous period of dormancy. Transactions involving LINK tokens valued at $100,000 or more have notably increased. On September 22, there were only 65 large Chainlink transactions registered, but by September 23, this number had doubled to 130, marking a 100% uptick in transaction frequency. The volume of tokens transacted also saw a substantial increase.
Data indicates that on September 22, only 1.86 million LINK tokens were moved by these whales. However, this figure skyrocketed to 7.28 million tokens by September 23. In monetary terms, Chainlink whales transacted $20.71 million on September 22, which escalated to $82.01 million by September 23. This amounted to a dramatic growth of 295.93%.
Daily active addresses on the Chainlink network also experienced an uptick, though to a lesser extent than whale volumes. Active addresses rose from 1,810 to 2,070, reflecting a 14.72% increase. This rise in active addresses, coupled with the surge in whale transactions, suggests a renewed focus on the Chainlink network.
A significant development appears to be driving this Chainlink resurgence. The company 21.co announced it would adopt the Chainlink Proof of Reserves mechanism for its 21BTC token, a wrapped version of Bitcoin introduced on the Solana blockchain in May 2024. This move aims to bolster transparency for the 21BTC token while leveraging the decentralization, programmability, and investor confidence inherent in Chainlink’s Proof of Reserves program. This will be applied to the 21BTC offering on both the Solana and Ethereum blockchains.
The community has responded positively to this announcement, prompting increased participation from investors. However, the news has not significantly influenced the LINK price, which remains around the $11 mark. The altcoin has seen approximately 5% gains over the past week, indicating only modest gains following the announcement.
Chainlink’s price has modestly recovered above $12, reflecting the tentative optimism in the market.
