Whale movements recently have turned out to be a blessing in disguise on Chainlink [LINK]. With the crypto markets experiencing a major sell-off event last week, LINK token prices were among the ones that suffered.
However, the falling prices caught the attention of crypto whales who have since started to buy the dip. Historically speaking, whale actions play a pivotal role in drawing attention to any token.
Blockchain analytics platform, Santiment, claimed that LINK whales increased their supply held by over 3% in just four months. Furthermore, addresses holding 10k to 1 million LINK tokens have now reached the highest percentage in LINK holdings in exactly three years.
What else is new?
Chainlink’s famous “feeds” protocol is beginning to see more adoption in the crypto market. Positional markets platform, Thales, recently announced its expansion to Ethereum L2 solution- Arbitrum. They will be deploying tokens on Arbitrum which are “very popular” and more importantly supported by Chainlink feeds.
All the info? https://t.co/pINqrK84UG
With 7M+ USD in volume, Thales continues to provide novel, simple & secure markets.
This deployment includes Ranged Markets (IN or OUT) 👀
— Thales (@thalesmarket) September 19, 2022
What does the data say?
The LINK token witnessed some respite as of 20 September much in tandem with the rest of the crypto market. At press time, LINK was trading at $7.30 after a late 2.5% surge on 20 September.
This has managed to put LINK’s weekly losses at just under 6%. The Market Value Realized Value (MVRV) Ratio further responded to this bull activity and was back in the green at press time.
Furthermore, as seen in the chart below, LINK’s MVRV was in the red for most of the last six months. But more recently, this metric started showing some improvement as traders started to accumulate more profits from LINK trading.
For over two years, LINK trended down against BTC and so has the alt’s social dominance. However, this narrative shifted recently as LunarCrush reports in a recent tweet. According to an update from LunarCrush, Chainlink’s social dominance finally “levelled off” after decreasing for more than two years.
Can Chainlink build on from these growth points as we approach the beginning of Q4? Let’s find out!