Chainlink’s native token, LINK, is experiencing a notable resurgence in bullish momentum after a period of relative calm. Despite what appeared to be a plateau in Chainlink’s market activity, the cryptocurrency has impressively clung to its gains, consistently hovering above the $14 threshold in recent weeks.
In a notable surge that sparked market interest, the LINK token breached the $16 level once again, marking the second instance within a month. Observers and investors alike are now keenly eyeing the underlying factors contributing to this upward trajectory.
A deep dive into on-chain metrics has shed light on what might have catalyzed the elevation of LINK’s valuation to these recent heights. Santiment, a prominent analytical platform focusing on blockchain data, has unveiled that Chainlink’s wealthiest wallet addresses have been increasing their holdings significantly, initiating a domino effect across the market.
The disclosed statistics indicated that in just a span of three days, these affluent LINK wallets have expanded their portfolios with a staggering purchase of approximately 3.9 million tokens, valued north of $62 million. This considerable uptick in ownership by the top 200 Chainlink addresses underscores a broader accumulating behavior among LINK whales.
Further investigation by Santiment revealed that these major players have not been modest in their market activities, amassing more than $50 million in LINK over roughly five weeks. The accumulation does not stop there, as the combined token holdings of these wallets have amassed to an awe-inspiring 746.57 million tokens, translating to $11.84 billion and accounting for a substantial 75% of LINK’s total circulating supply.
This strategic positioning by the Chainlink whales paints an optimistic picture for the token’s future market movements. It suggests a strong conviction among these investors in the asset’s potential and signifies their expectation of further price appreciation.
Turning our gaze towards the broader market, LINK is currently showing strong performance metrics. Valued at $16.11, the token has witnessed a near 2% uptick over the last 24 hours. Week-on-week, the growth is even more pronounced, with LINK experiencing a significant 7.5% upward push.
Even more impressive is Chainlink’s robust five-month market capitalization growth of over 143%. When compared to the cryptocurrency that often sets the market’s pace, Bitcoin, LINK’s stride becomes even more distinguishable. Santiment reports that in relation to market cap growth, LINK has outstripped Bitcoin by an extraordinary 93% within the same period, despite Bitcoin itself recently soaring beyond the $39,000 mark after a substantial hiatus.
Nonetheless, the crypto titan, Bitcoin, remains unrivaled in its market capital dominion, boasting a $772 billion valuation. In comparison, LINK stands proudly as the 12th-largest asset on the market, with its own impressive capitalization of $9 billion. The performance of LINK is a testament to the dynamic and ever-evolving landscape of the cryptocurrency market, where altcoins like Chainlink continually demonstrate their prowess and potential.