2020 has been a great year for Chainlink. Notably, LINK ‘s top 100 non-exchange whales have continued to grow their position and have increased their token holdings by more than 5% in the last year. What is even more interesting is the fact that this persistent trend of accumulation was also happening outside regular cryptocurrency exchanges.
This was noted by the crypto intelligence platform, Santiment which essentially signaled that the Chainlink whales were in it for the long-term. Santiment’s official tweet about the same read,
“If this isn’t the depiction of steady accumulation for Chainlink’s top 100 non-exchange whales in the past year, we don’t know what is. LINK’s offline increase in tokens at this rate truly shows confidence in the asset from those with most at stake.”
Chainlink’s Price Establishes Fort above $10
The bullish sentiment has managed to keep LINK’s price floating above $10-support. The rise of LINK was induced by the increase in buying pressure which proved to be quite decisive for this hurdle. Over the past 24-hours, the token was up by over 2% driving its press time price to $11.16 at a market cap of $4.35 billion and a 24-hour trading volume of $1.44 billion.
Chainlink has also outperformed every other cryptocurrency with year-to-date [YTD] returns of over 600% as noted by The Tie. Even as the coin set an ATH during the altcoins craze in the summer of 2020, LINK related conversations on Twitter declined by 60%.
Chainlink’s Development Takes A Hit
Despite being traded at a crucial price range, development on LINK was reportedly slowing down. This was noted by an asset management firm, Zeus Capital which tweeted,
“Chainlink has abundance of capital, ambitious upcoming features and seemingly weekly integrations. Isn’t it odd that the development is slowing down?”
This is not the first time, the lesser-known research platform had been critical of Chainlink. It had previously warned the investors to exit their positions “before its too late.”
Chainlink – Zeus Capital Conflict
Zeus Capital had also accused the network of being a “giant pump and dump scheme” alleging that “without material technological improvements or actual user onboarding”, the token’s price almost tripled within less than a month.
While this had managed to help the token land in position number six on the list of the world’s most valuable crypto assets, that did not stop Zeus Capital from accusing that it was this price appreciation that lured in “naive investors” to outbid each other.