A leading analytics firm says big-pocketed investors are scooping up millions of Chainlink (LINK) after a sudden price drop to a three-year low.
Sanitation say that portfolios with between 1,000 and 100,000 Chainlink accumulated 3.9 million LINK over the past week, worth approximately $20 million.
Great whale activity is at an all-time high for 2023, according to the company.
“The number of Chainlink whale transactions has peaked in 2023 as prices fell this weekend to a three-year low of $5. Mid-sized 1,000-100,000 LINK wallets are piling up particularly, with 3.9 million LINK (to be value of $20 million) collected in the past week.
At the time of writing, the decentralized oracle network is trading at $5.21, down 16.3% over the past seven days, and is down more than 90% from its all-time high.
Santiment has its radar on Ethereum (ETH) competitor Cardano (ADA), which the firm says may have reached its “buy the dip” zone after crashing over the weekend.
The analytics company say that trading volume and social dominance for ADA is at the 2023 high after falling to the $0.25 level.
“Cardano’s capitulation happened more prominently than other altcoins during Friday’s crash. After prices plunged -35% between June 5 and June 9, the buy-the-dip opportunity came as ADA volume, address activity, and social dominance all hit 2023 highs on Saturday.
Cardano is worth $0.27 at the time of writing, down 22.4% over the past seven days, and is 91% below its all-time high.
According to Santiment, the altcoin market appears to stabilize this week after a sharp drop over the weekend. The collapse coincided with the US Securities and Exchange Commission (SEC) suing the two largest crypto exchanges in the world, Binance and Coinbase, for alleged securities violations and labeling a number of altcoins as securities.
“With traders still very much aware of the SEC going after Binance and Coinbase, the mass hysteria has at least subsided. Until the next developments with the lawsuits, we could see a gradual increase in prices back to pre-crash levels.”
Don’t Miss Out – Subscribe to receive crypto email alerts delivered straight to your inbox
Check price action
follow us on Twitter, Facebook And Telegram
Surf the Daily Hodl mix
Featured image: Shutterstock/David Sandron/Vit-Mar