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Chainlink whales are on the move again in what appears to be a general awakening. Large transactions on the blockchain network have exploded recently, alongside a drastic increase in active addresses, indicating a remarkable development. That’s why in this report we look at the significant increase in whale transactions and active addresses, and what could potentially happen next led to this outburst of interest on the previously muted blockchain.
Chainlink Whale Volumes Increase 295.93%
According to facts from the IntoTheBlock website, Chainlink whales are becoming active again after an earlier drop in activity. This time, whale transactions consisting of LINK tokens worth at least $100,000 and more have seen a notable increase.
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On September 22, the number of large Chainlink transactions recorded was only 65, but by September 23 this number had increased to 130. This translates into a 100% increase in the number of transactions. In the same vein, the number of tokens traded also increased, but to a greater extent.
Data shows that on September 22, only 1.86 million LINK tokens were moved by Chainlink whales. However, this figure rose to 7.28 million tokens on September 23. In dollar terms, Chainlink whales moved $20.71 million on September 22 and $82.01 million on September 23. the total growth during this period amounted to 295.93%.
Daily active addresses also saw a significant increase on the network, albeit to a lesser extent compared to whale volumes. Active addresses increased from 1,810 addresses to 2,070 addresses, which represents an increase of 14.72%. This increase in the number of active recipients, coupled with the increase in whale transactions, suggests that attention is once again turning to the Chainlink network.
What’s driving the recovery?
So far, one notable development seems to be the driving force behind the Chainlink recovery and it has to do with the 21.co Bitcoin wrapper. The company announced that it applied the Chainlink Proof of Reserves mechanism for its 21BTC token, a wrapped version of Bitcoin that was made available on the Solana blockchain in May 2024.
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This move was intended to allow the company to ensure full transparency with 21BTC, while also leveraging the decentralization, programmability, and investor confidence that already exists in the Chainlink Proof of Reserves program. This will extend across the 21BTC offering on both the Solana and Ethereum blockchains.
As expected, the news was well received by the community, leading to more active participation from investors. However, it has not had much impact on the LINK price, which continues to hover around the $11 level. The altcoins are up about 5% over the past week, meaning only small gains have been made as a result of the announcement.
Featured image created with Dall.E, chart from Tradingview.com