Sep 25, 2024


According to recent report by News BTC. Chainlink's blockchain is witnessing a resurgence of whale activity, marking a significant shift after a period of dormancy. Large-scale transactions and active addresses have surged in recent days, pointing to renewed interest in the network. This report delves into the uptick in whale transactions, increased active addresses, and the potential catalyst behind this reinvigorated attention. $LINK

According to data from IntoTheBlock, Chainlink whales have returned to the fray after a lull in activity. These large-scale transactions—where LINK tokens valued at $100,000 or more change hands—have seen a dramatic spike.

On September 22, only 65 large whale transactions were recorded, but this number doubled to 130 by September 23, marking a 100% rise in activity. More impressively, the volume of LINK tokens transacted by these whales also skyrocketed. On September 22, a modest 1.86 million LINK tokens were moved, but by the next day, this figure had ballooned to 7.28 million.

In dollar terms, Chainlink whales moved $20.71 million worth of LINK on September 22, which soared to $82.01 million by September 23—a staggering 295.93% increase in volume.

Active Addresses See Steady Growth

Alongside this surge in whale transactions, the number of daily active addresses on the Chainlink network also rose, albeit more modestly. Active addresses increased from 1,810 to 2,070 during the same period, reflecting a 14.72% jump. This combination of heightened whale activity and a rise in active addresses points to growing attention on the Chainlink network.

One key development that appears to be driving this renewed interest is the adoption of Chainlink’s Proof of Reserves (PoR) mechanism by 21.co for its 21BTC token. This wrapped version of Bitcoin, launched on the Solana blockchain in May 2024, has now integrated Chainlink’s PoR to ensure full transparency and bolster investor confidence.

By adopting Chainlink’s decentralized and highly programmable Proof of Reserves solution, 21.co aims to enhance trust and transparency for 21BTC on both the Solana and Ethereum blockchains. This has sparked optimism within the Chainlink community, leading to increased participation from investors.

Despite the flurry of whale transactions and increased activity, LINK’s price has seen only a modest uptick. The altcoin is currently hovering around the $11 mark, with gains of approximately 5% over the past week. While the impact on the token’s value has been limited, the renewed interest and growing transaction volumes indicate a positive outlook for Chainlink’s future.

In summary, Chainlink is witnessing a notable revival, with whale activity and active addresses on the rise. The adoption of Chainlink’s Proof of Reserves by 21.co is likely the driving force behind this resurgence, signaling growing confidence in the network’s capabilities. Though LINK’s price has remained stable, the signs point toward continued growth and attention for the Chainlink ecosystem.


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