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Chainlink whales buy the dip, grab 6.2 million LINK

chainlink-whales-buy-the-dip-grab-6-2-million-link
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Chainlink whales buy the dip, grab 6.2 million LINK

Chainlink whales used last week’s crypto downturn to add to their holdings, on-chain data shows. 

On Monday, crypto analyst Ali Martinez shared details showing that large holders of the Chainlink (LINK) grabbed more than 6.2 million of the cryptocurrency over the past week.

Per a whale holdings chart which the analyst posted on X, the total amount of LINK these whales grabbed over the week was worth over $76.8 million.

Top whales hold 502 million LINK

IntoTheBlock data indicates that holdings in the 10k – 100k bracket increased 1.94% over the past month, while whales with 100k-1 million LINK saw their holdings increase by 4.57% in the same period.

A total of 19 whale addresses (10 million to 100 million LINK) hold about 502 million LINK in total. That’s worth about $6.2 billion at current prices and represents this whale cohort’s concentration of 50.29% at the time of writing.

Meanwhile, whales in the 100k – 1 million LINK category number 481 and hold 127.63 million tokens worth about $1.57 billion. 83 addresses hold between 1 million and 10 million tokens, for a combined total of 195.9 million LINK worth $2.42 billion.

The total supply for Chainlink is 1 billion LINK, and IntoTheBlock data shows circulating supply currently stands just over 608 million.

Whales buy LINK dip

This latest whale activity suggests whales are bullish on Chainlink, despite LINK’s price decline to lows of $11.15 on July 5. Chainlink price has since rebounded to above $13.20, with a 6% surge in the past 24 hours.

Over the past several months, Chainlink has surged amid multiple key network developments and integrations.

This includes the recent partnership with Fidelity International and Sygnum. The collaboration will leverage the oracle network’s technology and infrastructure to power Fidelity International’s $6.9 billion money market fund.

LINK also gained massively following a strategic partnership between Chainlink and Telefonica, a Spain-based telco giant. The project aims at using Chainlink Labs’ tools to boost the telecommunications company’s security and to protect users against ‘SIM Swap’ hacks.