Whales begin accumulating LINK amid market optimism

LINK has been up 189% since the beginning of 2023. This beats the jump that Bitcoin has experienced—139%. What explains the rise of Chainlink’s crypto is the upcoming v0.2 staking mechanism. This has also urged whales to start accumulating the tokens in their portfolios.

Reportedly, the top 200 wallets have increased their holdings by $50 million worth of the asset. Their collective holdings now total $11.84 billion worth of 746.57 million LINK tokens. The value is true at the time of initial reporting. The accumulation activity by whales comes with a decline in token balance. This has been associated with bullish sentiments in the crypto market.

It suggests that investors or traders are getting on board not for short-term yield but for long-term holding. There will be less pressure to sell the token than to buy it at any moment. According to on-chain data, the supply of LINK was seen to be 102 million tokens.

Following the introduction of a new staking mechanism, the network has seen community members stake nearly 20 million tokens out of the maximum limit of 40.87. This has surged the price of LINK tokens. They were exchanging hands at $16.11 at the time of drafting this article. This is a slight fall of 0.73% in the last 24 hours; however, it is an increase of 11.27% in the last 7 days. Chainlink forecast estimates that LINK could end in 2023 at $12.88. The estimated prediction is below the current trend, signaling that Chainlink is headed to end the year better than everyone’s expectations.

Chainlink is thriving on the adoption of the CCIP (Cross-Chain Interoperability Protocol). Swift and Wemade are two of the major institutions to have integrated the protocol. CCIP has been defined as a leading method to minimize off-chain trust computation. Sergey Nazarov, a co-founder of Chainlink, has expressed confidence in CCIP, stating that it is now headed to become the leading solution across DeFi and TradFi.

Chainlink ended its November phase by securing popularity among the top ten cryptocurrencies. Whales ranked it on the list after LINK showed signs of growth with a better performance. It is now one of the notable altcoins among whales in yearly transactions.

There are questions about whether LINK will decline any time soon. It is hard to comment with volatility in play. But there is a good chance that the token will rise in December 2023, considering the ecosystem is under migration to Chainlink Staking v0.2. Priority Migration will go on for 9 days, followed by early access starting on December 7, 2023. The transition will end with the opening of the space with General Access on December 11, 2023.

LINK has a mix of bull and bear runs as it continues to trade above the resistance mark. Optimism could prevail in December 2023.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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