According to on-chain analytics firm Santiment, crypto whales are on a five-month hoarding spree on an altcoin project. During this time, the whales purchased $223 million worth of tokens.
Altcoin where whales are on a hoarding spree: LINK
Citing Santiment data, crypto analyst Ali reported that Chainlink wallets holding between 10,000 and 1,000,000 LINKs have purchased more than $223 million in LINK since mid-May. The reason why the analyst bases May is that it is the period when the crypto bear market started to deteriorate with the Terra collapse.
Anailst says that LINK has seen significant savings in major holders throughout the year so far. Shark and whale addresses with 10,000-1 million LINK continued to accumulate tokens as the bear market developed. In this context, crypto analyst Ali shared the following on his Twitter account:
Chainlink wallets holding between 10,000 and 1,000,000 LINKs have purchased $223 million worth of LINK since mid-May.
#Chainlink wallets holding between 10,000 and 1,000,000 #LINK have purchased more than $223 million worth of $LINK since mid-May. pic.twitter.com/yHezF9gMdN
— Ali (@ali_charts) October 21, 2022
On-chain analytics firm Santiment gives holders in this category a summary of their activities. Accordingly, Chainlink’s shark and whale addresses have been busy piling up throughout the 2022 bear market. According to Santiment, since March 3, these addresses have collectively added 47.31 million LINK to their wallets. This means an additional investment of $312.7 million.
At press time, LINK was trading at $6.84, up 1.49% in the last 24 hours. Altcoin ranks 21st among cryptocurrencies in its current state, according to CoinMarketCap data. At its current price, LINK is down 86.9% from its all-time high of $52.70 in May 2021. According to analysts, this also gives a discount opportunity for whales to hoard.
Chainlink Staking goes step by step
Meanwhile, Chainlink Staking is currently under construction. Once activated, ecosystem users will be able to stake LINK. Thus, users will increase the security and user assurance of oracle services by supporting the ecosystem with their tokens. For this, they will have a chance to win prizes.
As Cryptokoin.com reported, the beta version of Chainlink Staking v0.1 will be released in December 2022. Thus, the first step to the realization of the project will be taken. This release is intended to start with an early access phase before it becomes publicly available. This will require an on-chain transaction on the Ethereum main-net. Future plans include user fee rewards. Also included is the inclusion of new features such as a more advanced reputation system and other security assurance techniques.
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