Santiment Reports Surge in Chainlink (LINK) Accumulation by Deep-Pocketed Crypto Investors as Development Activity Skyrockets.
According to Santiment, a prominent market intelligence platform, substantial quantities of Chainlink (LINK) are being amassed by high-net-worth crypto investors, coinciding with a remarkable surge in LINK’s development activity. Recent data from Santiment reveals that within a span of less than four weeks, crypto whales and influential market players embarked on a robust buying spree for LINK, acquiring a staggering $192.2 million worth of the decentralized oracle network’s token.
This period also witnessed a substantial upswing in Chainlink’s development activity on GitHub, a key development hosting platform, effectively propelling the asset into the ranks of the top five most actively developed assets over the past month, as Santiment’s insights highlight.
“Chainlink’s GitHub development activity has exhibited remarkable momentum this summer, propelling the asset to secure a position among the top five most intensively developed assets. Notably, holders with substantial LINK holdings in the range of 100,000 to 10 million LINK tokens have attained their highest accumulation since December 2022.”
As of the current moment, Chainlink is trading at $7.34, reflecting a 3.1% increase in the last 24 hours.
Santiment is also closely monitoring the movements of stablecoins Tether (USDT) and USD Coin (USDC) to and from exchanges. The firm has detected a marginal rise in the movement of USDT to exchanges, potentially indicating an impending upward shift in the crypto market.
“Historical patterns suggest that the movement of Tether and USD Coin to exchanges can serve as a precursor to crypto market upswings. Previous instances of significant USDC inflows to exchanges in December and February preceded rallies in the subsequent months. Since June, USDT has exhibited a slight uptick, potentially signaling positive market sentiment.”
Earlier, Santiment had predicted that if the trend of prominent investors exchanging stablecoins for Bitcoin, following a prolonged period of reduced BTC holdings, continues, Bitcoin could soon surpass the $30,000 mark. Presently, Bitcoin is trading at $29,854, showing a 2.7% rise in the last 24 hours.
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.