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Chainlink whales are on the move again in what appears to be a general awakening. The blockchain network has seen a surge in large transactions recently, along with a significant increase in active addresses, indicating a significant development. So, in this report, we take a look at the huge increase in whale transactions and active addresses, as well as what could have happened. This surge of interest has sparked On the previously silent blockchain.
Chainlink whale trading volumes up 295.93%
according to Data From IntoTheBlock, Chainlink whales have started to get active again after a previous dip in activity. This time, whale transactions of LINK tokens worth at least $100,000 and above have seen a significant increase.
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On September 22, the number of large transactions recorded on Chainlink was only 65, but by September 23, that number had risen to 130. This represents a 100% increase in the number of transactions. In the same vein, the amount of tokens in circulation also increased, but to a greater extent.
The data shows that only 1.86 million LINK tokens were moved by Chainlink whales on September 22. However, this number increased to 7.28 million tokens by September 23. In terms of dollar value, 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 than whale volumes. Active addresses rose from 1,810 to 2,070, representing a 14.72% increase. This increase in active addresses, coupled with the increase in whale transactions, suggests that interest is once again turning to the Chainlink network.
What drives recovery?
So far, one notable development seems to be the driving force behind Restore the link chain It’s about 21.co’s Bitcoin wrapper. Advertise It has adopted the Chainlink Proof of Reserves mechanism for its 21BTC token, a wrapped version of Bitcoin that was made available on the Solana blockchain in May 2024.
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The move was intended to enable the company to ensure full transparency with 21BTC, while also leveraging the decentralization, programmability, and investor trust already present in Chainlink’s Proof of Reserves program. This will extend across the 21BTC offering on both the Solana and Ethereum blockchains.
As expected, the news was well received by the community, leading to more active participation from investors. However, it did not have a significant impact on the price of LINK, which is still hovering around the $11 level. The altcoin saw gains of around 5% in the past week, meaning that only small gains were recorded as a result of the announcement.
Featured image created using Dall.E, chart from Tradingview.com