Chainlink Whales Capitalize on Deep LINK Discount, Activity Surges to 2023 Peak, Analytics Firm Finds
Leading analytics firm Santiment reports that deep-pocketed investors are taking advantage of a significant price drop in Chainlink (LINK), resulting in the accumulation of millions of tokens. During the past week, wallets holding between 1,000 to 100,000 Chainlink accumulated a total of 3.9 million LINK, equivalent to approximately $20 million.
This surge in whale activity marks a record high for 2023. Chainlink, currently trading at $5.21, has seen a 16.3% decline over the past seven days and is down more than 90% from its all-time high. Santiment also highlights Cardano (ADA), an Ethereum competitor, which may have reached a “buy the dip” zone after experiencing a crash over the weekend. ADA’s trading volume and social dominance have reached 2023 highs following a dip to the $0.25 level.
At present, Cardano is valued at $0.27, down 22.4% in the last seven days and 91% from its all-time high. Santiment suggests that the altcoin market is stabilizing after the weekend collapse, which coincided with the U.S. Securities and Exchange Commission (SEC) filing lawsuits against major crypto exchanges Binance and Coinbase, alleging securities violations and impacting various altcoins. Traders remain cautious due to ongoing legal developments, but a gradual rise in prices back to pre-crash levels is anticipated.
Clever Robot News Desk 14th June 2023
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