Chainlink whales are once again on the move, in what appears to be a general awakening. Large transactions on the blockchain network have increased recently, along with a drastic increase in active addresses, suggesting a notable development. Therefore, in this report, we analyze the significant increase in whale transactions and active addresses, as well as what could have triggered this explosion of interest on the previously muted blockchain.
Chainlink Whale Volumes Increase by 295.93%
According to data On IntoTheBlock, Chainlink whales are becoming active again after a previous drop in activity. This time, whale transactions consisting of LINK tokens with values of at least $100,000 and above have seen a notable increase.
Related Reading
On September 22, the number of recorded large Chainlink transactions was just 65, but by September 23, this number had increased to 130. This translates to a 100% increase in the number of transactions. In the same vein, the amount of tokens transacted also increased, but to a greater extent.
Data shows that only 1.86 million LINK tokens were powered by Chainlink whales However, this number increased 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 was 295.93%.
Daily active addresses also saw a significant increase on the network, although to a lesser extent compared to whale volumes. Active addresses increased from 1,810 addresses to 2,070 addresses, representing an increase of 14.72%. This increase in active recipients, coupled with the increase in whale transactions, suggests that attention is once again turning to the Chainlink Network.
What is driving the recovery?
So far, one notable development appears to be the driving force behind the Chain link recovery and has to do with the Bitcoin 21.co wrapper. The company announced which was adopting the Chainlink Proof of Reserves mechanism for its 21BTC token, which is a wrapped version of Bitcoin that was made available on Solana Blockchain in May 2024.
Related Reading
This move has allowed the company to ensure full transparency with 21BTC, while leveraging the decentralization, programmability, and investor trust that already exists in the Chainlink Proof of Reserves program. This will encompass the offering of 21 BTC on both the Solana and Ethereum blockchains.
As expected, the news was well received by the community, prompting more active participation from investors. However, there was no big impact on LINK pricewhich remains around the $11 level. The altcoin is seeing gains of around 5% in the last week, which means only small gains were recorded as a result of the announcement.
Featured image created with Dall.E, chart from Tradingview.com