Chainlink Whales Keep Stacking LINK as Network Activity Soars to 3-Month Highs: Data

Chainlink (LINK) surged more than 43% over the past month, charting a multi-month peak.

Amid a broader market rebound, LINK demonstrated remarkable strength. It stood out as a notable performer among the top altcoins, leading an explosive rally beyond a level seen over a year ago.

Chainlink Whales on Accumulation Spree

In early September, Chainlink established a bottom and ignited a substantial rally, which is currently in progress. There were indications of significant accumulation by large investors prior to this uptrend. Interestingly, even as this rally extends, these investors continue to acquire LINK tokens.

According to Santiment’s latest analysis, Chainlink whales have continued to stack LINK to their holdings. The network reached its highest levels in whale transactions, unique interacting addresses, and trading volume in the past three months.

🔗🥳 #Chainlink is on a tear this weekend, with the network seeing 3-month highs in whale transactions, unique interacting addresses, and trading volume. #Altcoins have been benefiting from $BTC redistribution, but $LINK has been a particular standout. https://t.co/lxlb8SmzKL pic.twitter.com/Yaw5qyV8jL

— Santiment (@santimentfeed) October 22, 2023

While several altcoins have been benefiting from Bitcoin redistribution, LINK has been a particular standout. The crypto analytic platform’s data suggest that the network experienced a notable surge in activity, particularly on October 21st when the LINK token recorded more than 220 whale transactions surpassing $100,000 each.

Moreover, the count of distinct addresses engaging with LINK climbed to nearly 5,000. On the same day, the Chainlink network recorded over 800 million in trading volume.

The increased accumulation among the whales has pushed the crypto to post 33% weekly gains. At the time of writing, LINK is trading at $10, a level last seen in May 2022.

Chainlink Staking v0.2

One of the main factors catalyzing the rally is the launch of its highly anticipated Chainlink Staking v0.2 platform, which introduces several features for the ecosystem, including the Unbonding Mechanism and Liquid Rewards, expected to offer stakers greater control, security, and transparency.

The upcoming release of v0.2 remains on schedule for a Q4 launch later this year. It will start with an initial expanded pool size of 45 million LINK tokens. The introduction of the v0.2 beta upgrade will gradually broaden accessibility to a wider range of participants, beginning with a Priority Migration phase for existing v0.1 stakers, followed by an Early Access phase, and eventually opening up to General Access.

While v0.1 served as the initial Staking program, v0.2 has been designed into a “fully modular, extensible, and upgradable” Staking platform.