Whales have accumulated almost 16.8% of the total supply of LINK

by in Cryptocurrency News

Link

Altcoin ChainLink (LINK) has been declining in value over the past few days.

On Wednesday night, the LINK rate dipped to $ 25.6. In the ranking of cryptocurrencies, this coin is in 15th place in terms of capitalization.

On October 16, LINK was close to $ 29, but on the same day, it went down again.

ChainLink peaked in early June. Then the rate exceeded $ 35.5. Then the altcoin mostly lost in value, despite short-term jumps to $ 30. During this time, the cryptocurrency was actively bought by whales, whose addresses hold from 1 million to 10 million LINK.

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In four months, major wallets purchased a total of 167.7 million coins for more than $ 430 million, according to Santiment.

In June-September, whale reserves rose by more than 15%, analysts said in a report. Currently, the largest LINK addresses control almost 16.8% of the total altcoin supply.

Note that at the end of last year, ChainLink was among the top five cryptocurrencies. Despite the growth of the DeFi market, the altcoin has stagnated. However, the willingness of the whales to buy this cryptocurrency suggests that it is aimed at growth in the long term.

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Analyst Nelson Paul believes the trend should change very soon, and LINK will bounce back in the coming months.