Despite 50% Drop From $20 Highs, Chainlink Whales Remain Bullish
Chainlink (LINK) has undergone a strong rally since the lows set in September. The price of the leading cryptocurrency currently trades for $11.50. LINK is up 3% in the past 24 hours, outperforming Bitcoin, XRP, Binance Coin, and a series of other top altcoins.
Even still, LINK is trading just under 50% below its all-time high above $20. On-chain data shows that investors in Chainlink remain extremely bullish, as they are accumulating the coin en-masse.
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Chainlink (LINK) Investors Bullish, On-Chain Data Shows
According to blockchain analytics firm Santiment, a blockchain data and analytics firm, the leading cryptocurrency is still being accumulated en-masse.
The firm noted on October 30th that Chainlink’s top 100 non-exchange/contract addresses have accumulated 34.32 million LINK over the past year alone. This number has begun to taper off slightly but is still up massively over recent months.
“If this isn’t the depiction of steady accumulation for #Chainlink’s top 100 non-exchange whales in the past year, we don’t know what is. $LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake.”
🐳🔗 If this isn't the depiction of steady accumulation for #Chainlink's top 100 non-exchange whales in the past year, we don't know what is. $LINK's offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake. https://t.co/8we3ZGkAy9 pic.twitter.com/0aUYFvklSC
— Santiment (@santimentfeed) October 31, 2020
Chainlink is still down 5% in the past week, though, following a majority of other altcoins. Bitcoin’s rapid ascent has left many altcoins stranded as all capital and attention is focused on the leading cryptocurrency.
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New Products and Partnerships
Chainlink’s Verifiable Random Function (VRF) product has seen a number of integrations over recent weeks. VRF is a “provably-fair and verifiable source of randomness designed for smart contracts” that allows developers to bypass sometimes questionable oracles that service lottery-based or randomized smart contract systems. Chainlink VRF was recently integrated into PoolTogether, a “no-loss” DeFi lottery system built on Ethereum.
Also, Genesis Volatility, a premier crypto derivatives data provider, has begun to run its own Chainlink node. Announcing this move, the Chainlink team wrote:
“Crypto-derivatives data provider @GenesisVol is running its own #Chainlink node to sell their signed data directly to smart contracts. #DeFi now has access to signed data on volatility, open interest, volume & more when creating derivatives products.”
LINK is likely to follow Bitcoin’s overall trajectory in the weeks ahead. If Bitcoin continues to push higher, the cryptocurrency may continue to consolidate or even push higher.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Despite 50% Drop From $20 Highs, Chainlink Whales Remain Bullish
OhNoCrypto
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Nick Chong, @KhareemSudlow