Chainlink Whales Accumulate Massive Holdings

YEREVAN (CoinChapter.com) — The cryptocurrency market is experiencing turbulent times, with Bitcoin (BTC) and other altcoins under pressure. Despite this, Chainlink (LINK) is showing signs of resilience. Whale investors are seizing the opportunity to accumulate LINK during this dip.

Chainlink (LINK) has remained relatively stable even in the face of market corrections. Recently, LINK traded at $12.67, presenting what many see as a prime opportunity for re-accumulation. The Paxos project has also been buying LINK as a treasury reserve, underscoring its value.

PAXOS LINK Accumulation Surge. Source: @Zedzies New Wallets Accumulate $86.7M in LINK from Binance

On-chain data reveals a significant trend: new wallets are accumulating LINK. Over a few consecutive days, LINK moved from exchange reserves into private holdings.

Recently, 90 fresh wallets withdrew approximately 6.72 million LINK ($86.7 million) from Binance. This movement indicates growing interest in Chainlink’s future.

LINK Whales Withdraw from Binance. Source: @lookonchain Chainlink Strengthens DeFi Role with New Integrations and Aave Partnership

Chainlink plays a key role in DeFi and Web3. Primarily, its oracles deliver essential data for many applications, making LINK vital for transactions.

Chainlink Expands with 9 New Integrations. Source: @chainlink

Certainly, a large part of Chainlink’s value is linked to DeFi protocols like Aave V3. At present, over 45.3% of Chainlink’s value is locked in Aave smart contracts. This is largely because of the growing GHO stablecoin, which boosts Aave’s liquidity.

LINK Widely Distributed Across 720,000 Wallets, 54% Still Locked

LINK is held in over 720,000 wallets across Ethereum, Solana, and BSC blockchains. Indeed, this wide distribution means no single wallet holds more than 5% of the supply, enhancing its security and reducing market manipulation risks.

Notably, nearly 54% of the LINK supply remains locked and vested. As these tokens unlock, there will likely be increased inflows into the market, potentially affecting LINK’s dynamics.

Chainlink’s Role in $30.1 Trillion Tokenization Market

Certainly, Chainlink’s ability to provide data for real-world asset (RWA) tokenization is gaining traction. A recent test with trading data from mainstream markets highlights its potential. RWAs offer token-based representation of real assets, linked to timely price data.

Tokenization Market to Hit $30.1 Trillion by 2034. Source: @chainlink

Notably, a report by Standard Chartered and Synpulse Management Consulting estimates the demand for tokenized RWAs could reach up to $30.1 trillion by 2034. This potential has attracted mainstream investment banks and even BlackRock, signaling Chainlink’s critical role in this emerging market.

Above all, despite market challenges, LINK maintains a strong presence on social media. It is a top 15 asset, supported by an active and engaged community.

The post Chainlink Whales Accumulate Massive Holdings During Market Correction appeared first on CoinChapter.