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Chainlink whales have gone again in what appears to be a regular wake. Major transactions on the blockchain network have recently ballooned, accompanied by a significant increase in active addresses, indicating significant progress. Therefore, in this report, we look at the significant increase in whale transactions and active addresses, and what could have caused this explosion of interest in the previously muted blockchain.
Chainlink Whale Volumes Increase 295.93%
According to data from the IntoTheBlock website, Chainlink whales are starting to work again after a previous decline in activity. In this case, the whale sale consisting of LINK tokens with values ​​of at least $100,000 and above, saw a significant increase.
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On September 22, the maximum number of Chainlink transactions recorded was only 65, but on September 23, this number increased to 130. This translates to a 100% increase in transaction value. In the same way, the number of exchanged tokens also increased, but on a larger scale.
The data shows that only 1.86 million LINK tokens were distributed by Chainlink whales on September 22. However, this figure increased to 7.28 million tokens on September 23. In dollar terms, Chainlink whales distributed a $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 have also seen a significant increase in the network, although on a smaller scale 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 addresses, coupled with the increase in whale transactions, suggests that attention is, once again, turning to the Chainlink network.
What Drives Recovery?
So far, one notable development appears to be the cause of Chainlink’s recovery and is related to the 21.co Bitcoin wrapper. The company has announced that it is adopting the Chainlink Proof of Reserves method for its 21BTC token, which is a wrapped version of Bitcoin that was discovered on the Solana blockchain in May 2024.
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This move was to enable the company to ensure complete transparency with 21BTC, while also stepping in to increase the power, planning, and investor confidence that already exists in the Chainlink Proof of Reserves system. This will extend to every 21BTC donation on both the Solana and Ethereum blockchains.
As expected, the news was well received by the public, and strong participation from investors began. However, it has not had a significant impact on the price of LINK, which continues to tread on the $11 level. The altcoin’s are seeing gains of around 5% in the last week, which means that only small gains were recorded due to the announcement.
The featured image was created with Dall.E, a chart from Tradingview.com