The activity of Chainlink whales has reached a peak not seen since 2023, due to a significant discount on LINK.
According to a recent report by a reputable analytics firm, wealthy investors are capitalising on the recent drop in Chainlink (LINK) prices. They have been purchasing millions of LINK tokens at their lowest levels in the past three years.
Santiment, the company responsible for the analysis, has noticed a significant rise in the accumulation of LINK by wallets that hold between 1,000 to 100,000 tokens. In the past week, these mid-sized wallets have accumulated an impressive 3.9 million LINK, which is worth around $20 million.
Santiment’s findings indicate that there has been a significant increase in whale activity, which has reached a record high for the year 2023.
The number of Chainlink whale transactions has reached an all-time high for 2023, which happened to coincide with a drop in prices over the weekend to a three-year low of $5. The wallets that hold 1,000-100,000 LINK are actively accumulating a significant amount, particularly the mid-sized ones. In the past week, these wallets have accumulated 3.9 million LINK, which is worth $20 million.
As of now, the decentralised oracle network is being traded at $5.21. It has experienced a decline of 16.3% over the past seven days and has plummeted over 90% from its all-time high.
Santiment has turned its focus to Cardano (ADA), which is a rival of Ethereum (ETH). The company has indicated that Cardano may have reached a “buy the dip” stage after experiencing a recent decline.
According to the analytics firm, the trading volume and social dominance of ADA have recently reached their peak levels for the year 2023. This comes after a decline in value to the $0.25 mark.
During Friday’s market downturn, Cardano underwent a more significant capitulation in comparison to other altcoins. After experiencing a 35% decrease from June 5-9, an opportunity to buy the dip arose on Saturday when ADA’s trading volume, address activity, and social dominance reached their peak levels for 2023.
Currently, the value of Cardano is $0.27, which has decreased by 22.4% in the past week and has experienced a decline of 91% from its all-time high.
Santiment reports that the altcoin market seems to be stabilising this week following a significant plunge over the weekend. The market collapse happened at the same time as the U.S. Securities and Exchange Commission (SEC) took legal action against Binance and Coinbase, which are the two largest cryptocurrency exchanges in the world. The SEC accused them of securities violations, and also classified some altcoins as securities.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.