This article is also available in Spanish.
Chainlink whales are on the move again in what appears to be a global awakening. Large transactions on the blockchain network have recently exploded, alongside a drastic increase in active addresses, suggesting a notable shift. Therefore, in this report, we examine the significant increase in whale transactions and active addresses, as well as what may have triggered this previously muted surge in blockchain interest.
Chainlink Whale Capture Volume Increases by 295.93%
According to data from the IntoTheBlock website, Chainlink whales are active again after a previous drop in activity. This time around, whale transactions consisting of LINK tokens worth at least $100,000 and above have seen a notable increase.
Related Readings
On September 22, the number of large Chainlink transactions recorded was only 65, but by September 23, this number had increased to 130. This translates to a 100% increase in the number of transactions. In the same vein, the number of tokens traded has also increased, but to a greater extent.
Data shows that only 1.86 million LINK tokens were moved by Chainlink whales on September 22. However, this figure increased to 7.28 million tokens on September 23. In dollar terms, Chainlink whales moved $20.71 million on September 22 and $82.01 million on September 23. The total growth during this period was 295.93%.
Daily active addresses also saw a significant increase on the network, albeit to a lesser extent compared to whale volumes. Active addresses increased from 1,810 addresses to 2,070 addresses, representing a 14.72% increase. This increase in active addresses, coupled with the increase in whale transactions, suggests that attention is once again turning to the Chainlink network.
What are the factors driving the recovery?
So far, one notable development seems to be the driving force behind Chainlink’s recovery and it is related to Bitcoin wrapper 21.co. The company announced that it is adopting the Chainlink Proof of Reserves mechanism for its 21BTC token, which is a wrapped version of Bitcoin that will be made available on the Solana blockchain in May 2024.
Related Readings
The move was intended to allow the company to ensure full transparency with 21BTC, while leveraging the decentralization, programmability, and investor trust that already exists in the Chainlink Proof of Reserves program. This will extend to the entire 21BTC offering on the Solana and Ethereum blockchains.
As expected, the news was well-received by the community, triggering more active participation from investors. However, it did not have much impact on the price of LINK, which continues to hover around $11. The altcoin has seen gains of around 5% in the past week, meaning that only small gains have been recorded following the announcement.
Featured image created with Dall.E, chart by Tradingview.com
