Chainlink Whales Add ‘A Ton’ of LINK After Weak Hands Jump Ship: Crypto Insights Firm Santiment

Crypto insights firm Santiment says that Chainlink whales have just added a huge amount of LINK to their wallets over the past week.

Santiment tells its 96,000 followers that while the decentralized oracle network’s price action has been modest of late, Chainlink whales abruptly scooped up nearly 3.5% of the total supply of LINK.

“Chainlink is at a quiet $23.30, but whales have accumulated a TON of LINK’s supply after weak hands jumped ship following the market-wide dip. Addresses with 1M to 10M LINK accumulated 62.02 million coins worth $1.45B (3.4% of the total supply) last week.”

Santiment also has its eye on decentralized exchange Uniswap (UNI), which has seen substantial upside over the last 48 hours despite relative stagnancy in the crypto markets. According to CoinGecko, UNI is up 28% at time of writing, while Bitcoin (BTC) remains slightly down in the same timeframe.

The firm says UNI’s recent action may be related to a massive surge in address activity.

“Uniswap is one of the few crypto assets in the green over the past 24 hours, and the push was foreshadowed by its largest address activity spike in nearly five months. If addresses stay high, look for the project to continue staying decoupled.”

As for Bitcoin, the analytics firm says BTC happens to be flashing what they call “one of the primary instigators of a price rise.”

“Bitcoin’s circulation is a telling sign as to whether future market price growth can occur. The past 3 days, BTC is averaging 189.2k unique tokens circulating on the network, the highest since late July (when $BTC grew 31% the following 5 weeks).”

At time of writing, the king crypto is trading just above $41,500, according to CoinGecko.

Featured Image: Shutterstock/Syda Productions