Chainlink Hits New Y...

Chainlink Hits New Yearly Milestone as Wallets with 1k+ LINK Achieve Record Numbers

By Ben Knight November 08, 2023 In Altcoins, Chainlink

Wallets with 1,000+ LINK reached nearly 30,000 over the weekend.
The heightened activity in the Chainlink ecosystem comes as the coin posted nearly 80% gains in October.
Chainlink is working with big players like ANZ and Swift.

A recent flurry of partnerships and activity on the Chainlink cryptocurrency project has seen the number of large holders hit an all-time high. According to crypto data analysts Santiment, the number of active wallets with more than 1,000 LINK (roughly equivalent to AUD $20.3K) reached a record high last Sunday, breaching 27,152 and closing in on 30k. The spike in interest has occurred as the price of LINK soared in October, posting monthly gains of 73%.

📈 #Chainlink has jumped all the way above $12.50 this weekend, crossing this threshold for the first time since April, 2022. The amount of wallets that hold at least 1K $LINK (currently worth $12,150 or more) has hit a new #alltimehigh of 27,152 wallets. https://t.co/yQ87RNZCPv pic.twitter.com/ZIBixZWP8D
— Santiment (@santimentfeed) November 5, 2023

Is It Too Late to Buy Chainlink?

Chainlink’s recent tear has come due to several high-profile partnerships and developments from the popular crypto project. At its most basic, the Chainlink protocol is a decentralised oracle, meaning it provides data from off-chain sources to smart contracts – for example, the real-time price of an asset to a crypto exchange. This has led to the project finding all sorts of DeFi and real-world utility.

“Big four” bank ANZ recently announced they were working together with Chainlink to deliver an Australian dollar-based stablecoin, A$DC. And the underlying protocol saw a significant upgrade to its staking mechanism in August. Put together, and the market has priced Chainlink as one of the most bullish altcoins available to investors.

However, after such a staggering October, it’s easy to see why some traders are speculating that LINK’s price surge may have peaked. It’s certainly possible that Chainlink will see some opposition from traders as investors take profits and consolidate their portfolios. But Chainlink is one of the most active projects in the crypto scene, with several ongoing partnerships set to deliver important infrastructure to the burgeoning Web3 world.

As crypto trader The Flow Horse discussed in a recent YouTube video:

[Investors] are worried about buying LINK… because they feel they missed it. I think [its current price] is going to look like a rounding error if we’re talking a year or two years into the future.

YouTube Channel The Flow Horse

Author

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.