{"id":633517,"date":"2024-08-06T23:00:49","date_gmt":"2024-08-06T23:00:49","guid":{"rendered":"https:\/\/uniquehot.com\/?p=633517"},"modified":"2024-08-06T14:37:55","modified_gmt":"2024-08-06T14:37:55","slug":"chainlink-drops-link-holders-rapidly-accumulating","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/chainlink-news\/chainlink-drops-link-holders-rapidly-accumulating\/","title":{"rendered":"Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating"},"content":{"rendered":"

Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana<\/a> and Cardano also posted sharp losses.<\/span><\/p>\n

LINK Holders Accumulating, Outflows From Exchanges Spike<\/span><\/h2>\n

However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock <\/span>data<\/span><\/a> on August 6, yesterday, there was a marked increase in the number of active LINK addresses, rising to levels not seen in roughly three months. <\/span><\/p>\n

Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control?<\/a><\/div>\n

The uptick in active addresses coincided with a spike in outflows from exchanges. This development suggests that users were more keen to accumulate LINK, not sell, despite falling asset prices. <\/span><\/p>\n

\"LINK
LINK holders are accumulating | Source: @intotheblock via X<\/figcaption><\/figure>\n

Outflows from centralized exchanges like Binance and Coinbase are usually considered net positive. With users controlling coins via their non-custodial wallets, they can’t readily sell for other liquid coins or stablecoins.<\/span><\/p>\n

Over the years, prices tend to recover steadily afterward whenever there is extreme fear, especially among LINK holders. Like the events of March 2020, when crypto prices flash crashed due to a COVID-19-led collapse, aggressive investors can consider such drops an opportunity to buy.<\/span><\/p>\n

In March 2020, LINK fell by a whopping 70%. However, months later, as the money printers were powered on, crypto prices rose, lifting LINK by nearly 35X at its 2021 peak. <\/span><\/p>\n

\"Chainlink<\/a>
Chainlink price trending downward on the daily chart | Source: LINKUSDT via Binance, TradingView<\/a><\/figcaption><\/figure>\n

Similar to what happened then, the drop in prices coupled with outflows from exchanges and accumulation among entities makes it likely that LINK will bounce back strongly.<\/span><\/p>\n

Most Holders Are In Red, <\/span>But<\/span> Partners Are Interested In Chainlink Solutions<\/span><\/h2>\n

So far, IntoTheBlock data <\/span>reveals<\/span><\/a> that 65% of LINK holders are in losses, and<\/span> only 32% are in green. Encouragingly, though, most LINK holders are “diamond hands” and have been holding their stash for over a year. <\/span><\/p>\n

\"Chainlink
Chainlink holders are in red | Source: IntoTheBlock<\/figcaption><\/figure>\n

The more long-term holders or addresses holding the coin or token for over 155 days, the more resilient prices are in the wave of liquidation.<\/span><\/p>\n

Besides price action, optimism is high among LINK holders. Chainlink is a leading decentralized oracle provider offering services to DeFi and NFT protocols. <\/span><\/p>\n

Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem<\/a><\/div>\n

At the same time, Chainlink Labs, the middleware developer, continues to strike quality partnerships. Recently, 21Shares integrated Chainlink’s Proof-of-Reserve on Ethereum to enhance transparency.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Yesterday, August 5, LINK, the native currency of Chainlink, a decentralized Oracle provider, plunged to a six-month low. Changing hands at around $8, LINK fell by 64% from March highs, breaking out from a bull flag, signaling weakness. The correction was across the board, and leading altcoins like Solana and Cardano also posted sharp losses. LINK Holders Accumulating, Outflows From Exchanges Spike However, as the markets bled, breaking below key support levels, smart investors saw this as an opportunity to accumulate. According to IntoTheBlock data on August 6, yesterday, there was a marked increase in the number of active LINK addresses, rising to levels not seen in roughly three months. Related Reading: UNI Price Bounces Back 13% Above $5.6, Can Bulls Maintain Control? The uptick in active addresses coincided with a spike in outflows from exchanges. This development suggests that users were more keen to accumulate LINK, not sell, despite falling asset prices. Outflows from centralized exchanges like Binance and Coinbase are usually considered net positive. With users controlling coins via their non-custodial wallets, they can’t readily sell for other liquid coins or stablecoins. Over the years, prices tend to recover steadily afterward whenever there is extreme fear, especially among LINK holders. Like the events of March 2020, when crypto prices flash crashed due to a COVID-19-led collapse, aggressive investors can consider such drops an opportunity to buy. In March 2020, LINK fell by a whopping 70%. However, months later, as the money printers were powered on, crypto prices rose, lifting LINK by nearly 35X at its 2021 peak. Similar to what happened then, the drop in prices coupled with outflows from exchanges and accumulation among entities makes it likely that LINK will bounce back strongly. Most Holders Are In Red, But Partners Are Interested In Chainlink Solutions So far, IntoTheBlock data reveals that 65% of LINK holders are in losses, and only 32% are in green. Encouragingly, though, most LINK holders are “diamond hands” and have been holding their stash for over a year. The more long-term holders or addresses holding the coin or token for over 155 days, the more resilient prices are in the wave of liquidation. Besides price action, optimism is high among LINK holders. Chainlink is a leading decentralized oracle provider offering services to DeFi and NFT protocols. Related Reading: Helium (HNT) Stays Afloat With 31% Gains Amid Crypto Market Mayhem At the same time, Chainlink Labs, the middleware developer, continues to strike quality partnerships. Recently, 21Shares integrated Chainlink’s Proof-of-Reserve on Ethereum to enhance transparency. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":628998,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[89589],"tags":[16295,79580,54512,1946,16097,82825,79480,82423],"class_list":["post-633517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink-news","tag-chainlink","tag-chainlink-price","tag-defi","tag-ethereum","tag-link","tag-link-price","tag-linkusdt","tag-nfts"],"acf":[],"yoast_head":"\nChainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating<\/title>\n<meta name=\"description\" content=\"Chainlink prices might be dropping. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/uniquehot.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating","url":"http:\/\/uniquehot.com\/chainlink-news\/chainlink-drops-link-holders-rapidly-accumulating\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/chainlink-news\/chainlink-drops-link-holders-rapidly-accumulating\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/link.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/link.png?fit=1792%2C1024"},"articleSection":"Chainlink News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["chainlink","chainlink price","defi","ethereum","link","link price","linkusdt","nfts"],"dateCreated":"2024-08-06T23:00:49Z","datePublished":"2024-08-06T23:00:49Z","dateModified":"2024-08-06T23:00:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Chainlink Drops by 64% In 5 Months, LINK Holders Unfazed: They Are Rapidly Accumulating\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/chainlink-news\\\/chainlink-drops-link-holders-rapidly-accumulating\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/chainlink-news\\\/chainlink-drops-link-holders-rapidly-accumulating\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/link.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/link.png?fit=1792%2C1024\"},\"articleSection\":\"Chainlink News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"chainlink\",\"chainlink price\",\"defi\",\"ethereum\",\"link\",\"link price\",\"linkusdt\",\"nfts\"],\"dateCreated\":\"2024-08-06T23:00:49Z\",\"datePublished\":\"2024-08-06T23:00:49Z\",\"dateModified\":\"2024-08-06T23:00:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/07\/link.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/633517"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=633517"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/633517\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/628998"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=633517"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=633517"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=633517"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}