Most of LINK, or about 80% of it is controlled by 125 wallets according to the latest data provided by Glassnode that we have in our Chainlink news today.
According to the market data aggregator Glassnode, most of the LINK tokens, or about 81% of them, are controlled by 125 wallets which record-high levels of centralization. Glassnode’s data found that about 81% of the coins not held on exchanges of smart contracts are stashed in 125 wallets with the number of tokens held by whales increasing over the past 2 years steadily. When including the tokens that are held on the exchange and also in smart contracts that the data excluded, the centralization of Chainlink’s token distribution seems quite extreme with the Etherscan data showing that 82.7% of the coins are held by just 100 wallets or less than 0.3% of LINK holding addresses.
However, Glassnode estimated that only 12,500 of these addresses are not active and suggests that about 83% of the supply rates of the coin resides in 0.8% of the active wallets. Chainlink’s whales seem to have sped up their accumulation since July 2019 with the share of the supply by the top 1% of LINK holders increasing from 53% to 81% over the past 18 months. The whales are still purchasing LINK which led the coin increase to new highs this month. Glassnode’s Liesl Eichholz concluded that the “bullish sentiment” is strong among the traders:
“The continued concentration of supply suggests that, even with the available supply increasing, LINK’s top holders are still bullish on the token, and are continuing to acquire more.”
LINK whales are accumulating despite the Chainlink core team appearing to sell a huge share of the private stash of tokens with Glassnode identifying 52 million coins that moved from the reserve wallets of chainlink’s team over the past 100 days. Chainlink established itself as the most widely used oracle network last year and secured partnerships with both TEzos and Google.
As recently reported, Chainlink’s native token surges to a new all-time high over the past few hours as altcoins made some big moves on this Monday morning, announcing a strong Defi growth as well. The prices for Chainlink’s native token skyrocketed over 19% over the past day and hit a new all-time high. From the intraday low of just below $20, LINK surged to reach its highest ever price of $23.60 as per the data on Tradingview.com.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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