Inactive Chainlink Tokens Circulating As Whales Accumulate All-Time Highs; LINK rises 118%

Data shared by cryptocurrency analysis platform Santiment on November 8 revealed that Chainlink (LINK) continues to grow impressively and stay ahead of other crypto assets on the market.

The survey highlighted that, currently, inactive tokens are circulating and, in addition, large cryptocurrency holders with 10 thousand to 10 million LINK have recorded historical accumulations.

“Chainlink’s incredible rise has not slowed down, and crypto’s 12th largest market cap asset remains notably ahead of the rest of the sector. Dormant tokens are circulating now and wallets with 10K-10M $LINK have accumulated historically,” he wrote.

🔗🐳 The incredible #Chainlink surge has not slowed down, and #crypto‘s 12th largest market cap asset continues to run notably ahead of the rest of the sector. Dormant tokens are now circulating, & wallets with 10K-10M $LINK have historically accumulated. https://t.co/Lg4VwogGWD pic.twitter.com/njnYroaBTD

— Santiment (@santimentfeed) November 8, 2023

At the time of publication, Chainlink price was priced at $15.84 up 14.7% in the last 24 hours. Over the last 30 days, the cryptocurrency has recorded an impressive growth in its price of 118.6%.

Chainlink Chart Shows Bullish

As the crypto community observes strategic movements in the market, Chainlink (LINK) captures attention by reaching a market value not seen in more than a year and a half. The cryptocurrency, which recently broke resistance at $12.5, appears to have placed its next target at $18, a feat that highlights its upward trajectory in this bull market.

Chainlink’s impressive rally coincides with reports of substantial institutional demand, as indicated by the Grayscale Chainlink Trust (GLNK). This investment vehicle, which allows US investors access to LINK, is trading at a premium in excess of 200% to its cash value, signaling a vigorous appetite on the part of qualified investors. Although each GLNK share holds a fraction of LINK’s true value, the current premium reflects tangible optimism about the asset’s demand and appreciation potential.

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