Connect with us
Active Currencies 13836
Market Cap $2,404,037,618,313.98
Bitcoin Share 52.42%
24h Market Cap Change $-6.22

Chainlink: 80% holders at loss, will things change soon

2min Read

With holders of LINK coping with a price plunge, could the token be ready to provide some relief?

Chainlink: 80% holders at loss, will things change soon

Share this article

  • While whales have been letting go of some of their tokens, retail holders have been accumulating.
  • More LINK holders may fall into further losses.

Holders of Chainlink [LINK] have been facing intense challenges as a chunk of them are stuck in a loss, IntoTheBlock’s data showed. As shared by Katherine_XBT, a multichain token holder, over 80% of LINK holders were in the cohort, with the last time such occurring was in December 2022.

Is your portfolio green? Check the Chainlink Profit Calculator

At the time of writing, LINK was 87.34% down from its All-Time High (ATH). Since the year began, the token’s value has not been impressive compared with other cryptocurrencies in the top 20 per market capitalization.

However, the price performance seemed to have affected the growth in LINK addresses and overall adoption. Although Chainlink has been excelling with the introduction of new features, the same cannot be said about the action of whales.

According to Santiment, the number of addresses holding 100,000 to 1,000,000 tokens has been decreasing. A situation like this means that new entries by large holders have not been encouraging. 

Hence, this infers that whales might not be confident enough about the token performance going forward. But for addresses holding 100 to 10,000 tokens, it was a different scenario. 

Thus, the perception of retail holders contrasted with that of whales, as belief in the token heightened for the long term.

Chainlink number of addresses

Source: Santiment

Despite the price drawdown, Chainlink’s development activity has risen from the trend of December 2022. As of this writing, the metric was 52.57. 

The development activity centers around GitHub’s contribution to the project. When the development activity increases, it means that developers were actively working to polish the network. This could serve as a bullish signal for LINK’s long-term value.

Chainlink development activity and social volume

Source: Santiment

In the short term, LINK might continue to face selling pressure due to the activity on exchanges. Based on on-chain data, the exchange outflow was 289. The metric considers the number of tokens exiting exchanges.

Realistic or not, here’s LINK’s market cap in ETH terms

On the other hand, the exchange inflow was 7528. In a situation where the inflow significantly outpaces the outflow, then it means that several holders have been selling off. Therefore, it could take a little longer before LINK experiences a halt in selling pressure.

For the social volume, Santiment showed that it had increased from the starting value in May. Social volume measures the number of text documents in terms of search related to the token. Therefore, the hike suggested increased interest in LINK.

Chainlink exchange inflow and outflow

Source: Santiment


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.