Santiment says that deep-pocketed crypto investors are accumulating massive amounts of Chainlink (LINK) as LINK’s development activity soars.
New data from the market intelligence platform shows that crypto whales and sharks went on a LINK buying spree, picking up $192.2 million of the decentralized oracle network’s token in under four weeks.
During the same time, Chainlink’s development activity on the development hosting platform GitHub increased significantly, making it one of the top five most developed assets during the last 30 days, according to Santiment.
“Chainlink’s GitHub development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets. Additionally, whales and sharks with 100,000-10 million LINK now hold the most coins since December 2022.”
Chainlink is trading for $7.34 at time of writing, up 3.1% during the last 24 hours.
Santiment also keeps a close eye on stablecoins Tether (USDT) and USD Coin (USDC) moving to and from exchanges. The firm notices a slight uptick in USDT moving to exchanges, which could signal a move to the upside for crypto.
“Tether and USDCoin moving to exchanges have historically foreshadowed crypto surges. Influxes of USDC to exchanges in December and February sparked rallies the following months (respectively). USDT has risen slightly since June, but more will be bullish.”
Santiment previously predicted that the crypto king could soon find itself over the $30,000 level if whales continue the trend of swapping stablecoins for Bitcoin after months of decreasing their BTC holdings.
Bitcoin is trading for $29,854 at time of writing, up 2.7% during the last 24 hours.
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Generated Image: Midjourney