The top 10 Chainlink whales currently addressed account for 63.3% of the circulating quantity of LINK. According to an analysis released by the Santiment team, this is the lowest proportion of LINK’s circulating supply held by mentioning the top ten whales since the project’s inception in 2017.
The Best 10 Chainlink Whales Controls 63.3% Of LINK’s Coursing Supply
The Santiment team reported its findings in the following statement and chart.
“Chainlink‘s best 10 whale addresses now have a smaller share of the total supply of $7LINK (63.3%) than ever before since the coin’s public launch in September 2017. Whales finally controlling less than half of the supply of premium assets is typically a positive thing.”
🐳 A year ago, #Chainlink‘s top 10 whales held 70.7% of the total circulating supply of $LINK. To close out 2020, they now hold 64.5%. This can be attributed to consistent new addresses being created on the network, & no apparent whale sell-offs in sight. https://t.co/OgQOK2clIs pic.twitter.com/mCjOSOJHkA
— Santiment (@santimentfeed) December 31, 2020
Supply’s Percentage Chainlink Whales Decreased from 67.5% In January 2021 To 62.5% Now
According to the figure above, the aforementioned Chainlink whales controlled about 67.5% of LINK’s circulating supply in January of this year.
Furthermore, during the fourth quarter of 2020, the same whales owned nearly 69% of Chainlink’s circulating supply. This, in turn, encourages and continues to redistribute LINK holdings away from whales and toward regular investors.
Amid A Descending Triangle, Chainlink’s $15 is the Level to Watch
In terms of price movement, Chainlink is in bear territory, trading below the 50-day, 100-day, and 200-day moving averages, as shown in the chart below. Furthermore, Chainlink is now trading within a descending triangle with a floor at the $15 support level, which was held on May 23rd and June 22nd.
As with other altcoin studies, traders and investors should keep a lookout for Bitcoin’s unexpected price swings in either way while trading LINK on the different derivatives platforms.