Chainlink price may be driven up by whales’ renewed interests

Whales and sharks has shown massive interests in Chainlink and has accumulated large amounts of the LINK token in the last few days. An increased interest from large investors may induce a surge in Chainlink price.

 

Whales’ increasing interests may pump up Chainlink price

The tweet further stated that whales and shark addresses holding 1,000 to one million LINK increased significantly. At press time, the holdings of these addresses stood at 26.8 million LINK. Furthermore, these large addresses accounted for nearly a quarter of Chainlink’s overall supply.

 

One reason for the whales’ increasing interest could be Chainlink’s growing number of collaborations. On 3 December, Chainlink stated that it had integrated with Ethereum and the BNB Chain. The integrations ranged from Chainlink helping protocols with sourcing various types of data to randomizing mint rewards.

 

However, despite providing its technologies to various protocols in Web3, there was a decline in demand observed for some of its technologies. According to data from Dune, the demand for Chainlink’s VRF technology dropped. Additionally, the number of VRF requests on the BinanceSmartChain reduced over the past few months.

 

Along with the declining demand for its VRF technology, LINK’s activity dwindled on-chain as well.

 

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What’s next?

LINK’s velocity fell over the past month, as the number of times LINK was being exchanged amongst addresses had diminished. Coupled with this, Chainlink’s transaction count declined as well.

 

However, in terms of development activity, Chainlink witnessed a spike in the past few days. This means that the developers at Chainlink are contributing more to the network’s GitHub. This could be due to the upcoming launch of staking on Chainlink.

 

It remains to be seen what impact whale interest will have on Chainlink price movement and whether the launch of staking will prove beneficial for LINK holders. At press time, LINK coin was trading at $7.35, according to CoinMarketCap.

 

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