Santiment says crypto investors with big pockets are accumulating huge amounts of Chainlink (LINK) as LINK development activity surges.
New data from the market information platform shows that crypto whales and sharks went on LINK purchases and raised $192.2 million of the decentralized oracle network’s token in less than four weeks.
At the same time, Chainlink’s development activity on the GitHub development hosting platform increased significantly, placing it in the top five most developed assets over the past 30 days, according to Santiment.
“Chainlink’s GitHub development activity was significantly higher this summer, leading to the asset cracking the top 5 most developed assets. In addition, with 100,000-10 million LINK, whales and sharks now have the most coins since December 2022.”
Chainlink is trading at $7.34 at the time of writing, up 3.1% over the past 24 hours.
Santiment is also closely monitoring stablecoins Tether (USDT) and USD Coin (USDC) to and from exchanges. The firm notices a slight uptick in USDT moving to exchanges which could mean an upside move for crypto.
“The move of Tether and USDCoin to exchanges has historically foreshadowed crypto surges. USDC inflows into the exchanges in December and February fueled rallies in the following months (respectively). USDT has been up slightly since June, but more will be bullish.”
Santiment previously predicted that the crypto king could quickly move above the $30,000 level if whales continue the trend of swapping stablecoins for Bitcoin after months of reducing their BTC holdings.
Bitcoin is trading at $29,854 at the time of writing, up 2.7% over the past 24 hours.
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Image generated: Midway through the journey