• Tue. May 28th, 2024

Price Of Chainlink Drops By 12%, Whales Buy The Dip

Maria Bartiromo

ByMaria Bartiromo

Oct 13, 2023

Chainlink (LINK) saw a 12% value decline due to the wave of uncertainty and turbulence that has rocked the cryptocurrency market. There has been huge cryptocurrency Whales that jumped at the chance to buy the dip.

The market’s overall collapse, influenced by the unfolding geopolitical situation in the Middle East, preceded the decline in LINK value. The number of Chainlink whales holding between 10,000 LINKS and 1,000,000 LINKS is responsible for buying into the recent dip, hoping for future market recovery.

Chainlink’s unfortunate downward trend started in July this year, while its successful experimentation with the interbank messaging company Swift worked as a catalyst for Chainlink as a digital asset. The outcome of the successful completion of this project took a surprising turn; it ended up increasing the social dominance and sentiment among traders instead of increasing the price.

Recent data from Coin Chapter has it that the value of Bitcoin fell by 5%, illustrating the discomfort and unpredictability that global crises may cause in the digital assets sector. On-chain data provider Santiment, in their recent revelation, said they have noticed an increase in the number of addresses holding substantial amounts of LINK and have described it as a tactical move.

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More Whales Look To Accumulate More LINK, Action Explained

It was also gathered that more than 30 addresses joined the ranks of LINK whales in the middle of September when the LINK/USD conversion rate started to decline. The quantity of LINK tokens accessible for trading on cryptocurrency exchanges has decreased over the previous month. This drop in exchange supply shows that many investors prefer to “HODL” rather than actively trade their LINK tokens.

Historical analysis of the activities of Chainlink, which is believed to impact the market behavior, shows that the launching of Chainlink QuickStarts and Web3 developer’s app might be the basis on which it would bounce back. In its recent announcement, while describing the workings of these products, Chainlink said that they were designed to reduce the time used in developing Web3 DeFi, gaming, and its likes.

Holders Optimistic In LINK’s Long-Term Potential Amid Decline

Investigation into the Chainlink community reaction shows that most investors who HODL (hold) their coins frequently express confidence in the long-term potential of cryptocurrencies. This behavior and the LINK whales show a firm belief in Chainlink’s value proposition and a desire to hold onto their assets despite brief market swings.

27 extra addresses holding 100,000 – 1 million LINK have been uncovered, alongside another four more wallets holding between 1-10 million LINK. The recent correction did not reserve the bullish position, but added 16,000 wallets on Ethereum in the third quarter of 2023.

As a way of keeping their users informed, Chainlink entered a partnership on October 11th with Arkham Intelligence to provide regular cryptocurrency updates on their X feed. The proposed information dissipation agreement will provide information to developers via the Chainlink Functions. The team at Arkham has also stated that the alliance will open up new experiences for the company.

The new experiences were listed as risk evaluation, allowing access to single-owned addresses, understanding the partner’s real-world transaction, and other new areas. On October 11th, Chainlink announced that Thale, an on-chain, parimutuel market, has introduced Chainlink Automation on its Arbitrum/Optimism mainnets – helping new integration has helped stakers to remember to claim their rewards manually.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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