Chainlink’s price has regained its bullish momentum after a period of sluggishness. Despite the temporary slowdown, the cryptocurrency has managed to remain above the $14 level in recent weeks. More notably, the LINK price has surpassed the $16 mark for the second time within a month. The question then arises – what is driving this latest surge?
According to recent on-chain data from Santiment, the catalyst behind LINK’s price jump to $16 can be attributed to substantial token purchases made by Chainlink’s richest wallets. In the past three days alone, these LINK whales have acquired approximately 3.9 million tokens, equivalent to a value exceeding $62 million. This surge in buying activity has resulted in an increase in the total number of tokens held by the 200 largest Chainlink addresses.
Santiment’s data reveals a prevailing accumulation trend among Chainlink whales. Over the course of approximately five weeks, the top 200 wallets have amassed over $50 million worth of LINK tokens. Furthermore, these 200 largest Chainlink addresses currently hold a combined total of 746.57 million tokens, which represents nearly 75% of LINK’s total supply. This accumulation trend is a positive indication of investors’ confidence in LINK’s long-term potential and price growth.
As of now, the LINK token is valued at $16.11, reflecting a nearly 2% price increase in the last 24 hours. Over the past week, the cryptocurrency has experienced a surge of more than 7.5%. Moreover, Chainlink’s market capitalization has risen by over 143% in the last five months, highlighting its impressive performance. In comparison to Bitcoin, the leading cryptocurrency, LINK has outperformed the market leader by more than 93% in terms of market cap during the same period.
Bitcoin has recently made a significant breakthrough, surpassing the $39,000 mark for the first time in over a year. The cryptocurrency continues to maintain its position as the top digital asset with a market cap of $772 billion. In contrast, Chainlink occupies the 12th spot in terms of market capitalization, which currently stands at $9 billion. Despite Bitcoin’s dominant position, LINK’s ability to outperform it by such a significant margin is impressive.
The recent surge in Chainlink can be primarily attributed to significant token purchases made by Chainlink whales. These large investors continue to accumulate LINK tokens, indicating their confidence in the cryptocurrency’s future growth. LINK’s remarkable market performance, outperforming Bitcoin in terms of market cap by over 93%, further solidifies its position as a promising digital asset. As the LINK price maintains its bullish momentum, it will be interesting to observe how the cryptocurrency market evolves, especially with the influence of major players such as Chainlink whales.