A near-silent revolution is taking place in the crypto ecosystem, and at the heart of this transformation is Chainlink (LINK). In a market often dominated by the fluctuations of Bitcoin and Ethereum, LINK suddenly took center stage, sending shockwaves through the altcoin market. This dazzling rise, both unexpected and spectacular, is a real turning point.
Chainlink (LINK), object of massive crypto accumulation…
The crypto data provider Santiment made public this Sunday, December 3, an analysis explaining, roughly, the reasons for the resurgence of the altcoin market observed. The company is placing a special focus on LINK, Chainlink’s native crypto, as the main vector of this dynamic.
What particularly attracts attention about LINK is the massive accumulation that large holders of this crypto are engaged in. Data provided by Santiment notably reveal a notable increase in the top 200 wallets on the Chainlink network.
Concretely and overall, their holdings of LINK cryptos have increased by 50 million over the last five weeks. An increase which, in numerical terms, is estimated at an amount of around 800 million dollars. Impressive data in terms of ratio, compared to the overall market capitalization of Chainlink tokens of around $9 billion.
An accumulation that pulled the price of LINK upwards
The massive accumulation of LINK assets has certainly attracted the attention of Santiment analysts. But the explosion in the price of this crypto has further excited their curiosity. And there is reason, as this dynamic is incommensurable with the price growth trends observed at the level of other cryptos.
Indeed, Santiment’s observations show that the value of Chainlink’s native crypto has jumped 143% over the last five months! For comparison, bitcoin (BTC) saw an increase of 93% during the same period. They conclude from this performance that Chainlink shows exceptional resilience in the crypto market.
For Santiment, this data shows something else. That not only does the Chainlink ecosystem seem to be increasingly establishing itself in the crypto industry. But what’s more, there is a strong correlation between strategic accumulation by whales and the subsequent increase in LINK price. The proactive commitment of these influential actors highlights a collective bullish sentiment towards this crypto universe.
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