- Chainlink was among the top ten tokens purchased by Ethereum whales
- However, on-chain data went against accumulation metrics
Chainlink [LINK] One of the top 10 most-purchased tokens among the top 1000 Ethereum [ETH] Whales, according to a WhaleStats tweet dated 10/12/2018.
According to the whale tracking system, Chiliz [CHZ] In the last 24 hours, LINK also entered the group. But LINK’s advent was special. This is because it was able to make the list even though it had a disappointing week.
JUST IN: $LINK @chainlink Top 10 Most Purchased Tokens Among 1000 Largest #ETH Whales in the past 24 hours🐳
We also have $BAT, $OMG & $CHZ The complete list is available here👀
Leaderboard for Whales: https://t.co/jFn1zIwOBt#LINK #whalestats #babywhale #BBW pic.twitter.com/HYX2DFTJzI
— WhaleStats (tracking crypto whales) (@WhaleStats) December 10, 2022
Read Chainlink’s [LINK] Prediction of Price 2023-2024
You can fall to your knees
CoinMarketCap‘s Data LINK traded at $6.92 in press time. This represents a 5.84% drop in value over the past seven days. LINK also saw its lowest point in the past three week.
Because of the fall, LINK fell per market capitalization—after it edged out Dogecoin [DOGE] In the weekly performance report of the top 20 cryptos.
However, there were some unusual occurrences in Chainlink’s on chain condition that contributed to the recent drawdown. According to Glassnode, LINK’s Herfindahl Index The rally saw a rise to 0.00418, but the rally ended with a decline to 0,00393 at the writing.
Source: Glassnode
The Herfindahl Index is a measure of weighted address balances within an organization. It also shows supply concentration. Since LINK’s Herfindahl Index reflected a low value, it implied relatively evenly distributed addresses, while supply was sparsely concentrated.
The standing of the dormant circulation was also highlighted. Santiment is an online platform. showed that LINK’s 90-day dormant circulation was 10,900. It was worth millions before the current value. Chainlink tokens were not used for transacting or spending during this period.
Similar sentiment was shared by the dormant circulation by the Spent Coins Age Band. At press time, LINK’s Spent Coins Age Band decreased to 87,000. This metric indicated the ratio of tokens available to those that were spent during a specific interval.
Because it was a truncated valuation, it explained why LINK investors had spent more tokens during a recent period than they actually held. This might indicate that selling pressure could be behind the weekly slump in value.
Source: Santiment
Chainlink: Waiting for signs and wonders
Moving on, LINK could be plagued with minimal market spikes. This was due to signals from the Network Value to Transactions signal (NVT). At the time of writing, Chainlink’s NVT signal was down to 35.30.
LINK showed characteristics that its utility was outweighing its value at such a point. Therefore, it may not be the right moment to begin re-accumulation.
Source: Glassnode