The influence of big investors may be what gives Chainlink (LINK) its next boost. Santiment claims that during this bear market, whales and sharks of Chainlink (LINK), or wallets holding between 10,000 and 1 million LINK tokens, have been actively expanding their assets.
Since March 3, the cohort of investors has collectively increased their holdings of LINK tokens by 47.31 million, according to data from the platform for social monitoring and market intelligence in the cryptocurrency space. This corresponds to $312.7 million invested in the blockchain oracle network's native coin. Because to the action over the past seven months, whales and sharks now own 17.61% of the total circulating supply of LINK, an increase of 4.73% in their overall holdings.
Price of LINK Has Not Yet Benefited by Whale Activity
While the whale accumulation suggests that investors have a lot of faith in Chainlink, the price of LINK has not yet managed to escape the headwinds of the overall crypto bear market. However, throughout the time that whales have been accumulating, the token has experienced a number of remarkable price increases.
The price of LINK diverged from the rest of the cryptocurrency market last month. The token increased by about 20% despite erratic trading throughout the rest of the market. LINK is currently trading at about $6.63, down 1.09%, once more following the general trend of the cryptocurrency market.
In the meantime, interest in the launch of LINK staking is growing within the Chainlink community. For LINK holders to utilize in determining their eligibility for early access to the feature releasing later this year, the blockchain's creators have published a web app. Staking is one of the essential components that will introduce Chainlink Economics 2.0, a new economic model, to the network.