- Chainlink whales holding between 10,000 and 1,000,000 LINK bought the dip, scooping up $24 million tokens in ten days.
- Swift’s partnership with Chainlink and the successful completion of its experimentation on August 31 is likely a catalyst for whale accumulation.
- Chainlink token accumulation is driving social media mentions and dominance of LINK, which could support price recovery.
Chainlink price is in a downward trend that started in July. While the successful completion of interbank messaging giant Swift’s experimentation with Chainlink acted as a catalyst for the asset, it drove social volume and sentiment higher among traders rather than LINK price.
LINK whales holding between 10,000 and 1,000,000 Chainlink tokens bought the recent dip in the asset, anticipating a recovery in the altcoin’s price in the future.
Also read: Solana price crash and FTX hearing: A complete rundown
Chainlink whales busy buying the LINK price dip
Chainlink’s large wallet investors holding between 10,000 and 1,000,000 LINK tokens have added $24 million worth of the asset to their portfolio in a ten-day timeframe. Whales are known to accumulate an asset in anticipation of a recovery in its price. The recent accumulation of LINK tokens is a “buy the dip” move by whales as Chainlink price continues its downward trend.
Chainlink accumulation by whales holding between 10,000 and 1,000,000 LINK
There are two likely drivers of whale accumulation:
- Swift’s successful experiment with the Chainlink partnership
- Declining LINK price, promoting the “buy the dip” activity among whales
Typically, whale accumulation is accompanied by a positive sentiment among traders, as it drives demand for LINK across exchanges. Based on data from crypto intelligence tracker Santiment, there has been a consistent increase in the social dominance of LINK over the weekend. The metric indicates the dominance of “LINK” mentions across social media platforms compared to other cryptocurrency assets.
 [15.45.55, 11 Sep, 2023]-638300261205762171.png)
LINK social dominance vs price on Santiment
At the time of writing, LINK price is $5.841. The altcoin wiped out 3% from its price over the past week. It remains to be seen whether LINK price breaks out of its downward trend with the catalysts driving the social metrics of the altcoin.
Bitcoin, altcoins, stablecoins FAQs
What is Bitcoin?
Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
What are altcoins?
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
What are stablecoins?
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
What is Bitcoin Dominance?
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC remains calm before a storm
Bitcoin price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as investors absorb the tariff announcements.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum developers tentatively scheduled the Pectra mainnet upgrade for April 30 in the latest ACDC call. Whales have stepped up their buying pressure in hopes of a price uptick upon Pectra going live on mainnet.
BTC stabilizes while ETH and XRP show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
Bitcoin: BTC remains calm before a storm
Bitcoin (BTC) price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.