The open sourced oracle network Chainlink [LINK] reached a new milestone today. Large-cap investors of the native token went on an accumulation spree, holding up to 18.01% of the total supply and charted a new all-time high [ATH]. As per Santiment, at present, a total of 64 addresses own between 1 million and 10 million LINK tokens, which amounts to more than $334 million in valuation. In a span of just four days, these large volume investors have added a total of 1.89% of the token supply into their cumulative wallets. Reading along the same line, the analytics platform quoted,
“There are currently 64 addresses that hold between 1M and 10M LINK. In just the last 4 days, these whale wallets have added 1.89% of the Chainlink supply to their cumulative bags. They’re now up to 18.01% of the total supply, a new all-time high held.”
Chainlink [LINK]’s Real world utilty
Chainlink, an oracle network that facilitates the integration of both off-chain and on-chain data has been gaining a lot of traction lately. This is due to the growing need for incorporating blockchain technologies with real world data source and that is what the leading protocol’s algorithm offers- allowing for the seamless integration of the real world and the virtual world.
CODI Finance intends to enable accessibilty to top quality price feeds as well as securing other important features like IDO and staking pools in the network. Besides that, the oracle network will provide the CODI ecosystem in building multi-level defenses against malicious attacks and potential system breakdown.
The top Oracle provider had previously raised funds worth billions of dollars for several high-profile decentralized finance [DeFi] projects and has also assisted these projects in securing from sudden crashes, outages in exchanges, and other threats. In addition to that, Saber, a leading market maker on the Solana [SOL] ecosystem, has collaborated with Chainlink price feeds for reliable price order.
To sum up, the latest accumulation spree of LINK tokens indicates that large cap holders are in anticipation that price is likely to be bullish.