The decentralized oracle network Chainlink ($LINK) recently saw a record surge in whale trading, with over 2,600 transactions worth over $100,000 per transaction.
This surge, the largest observed this year, coincides with the impending release of Chainlink Stake v0.2.
Crypto analyst Ali Martinez noted a significant increase in significant transactions on Chainlink.
IntoTheBlock’s data confirms this, and these surges often signal that LINK’s value is about to increase.
$LINK We saw the biggest surge in whale trading this year, with over 2,600 transactions exceeding $100,000 each!
Chainlink’s native token is up 30% over the past month and is up a remarkable 160% this year. This growth parallels a broader recovery in the cryptocurrency market, highlighted by Bitcoin’s impressive 130% year-to-date gain.
Along with these whale trades, Chainlink’s daily trading also surged 430% from its monthly low. Major token holders have been actively accumulating and have contributed to this momentum.
On-chain analytics firm Santiment has reported significant movement in older Chainlink coins, and these trends are often followed by notable price changes.
An interesting observation from Santiment links these price spikes to the movement of inactive tokens known as ‘age of consumption’.
After the ‘spending age’ level surged to 8.34 billion on September 15, LINK’s price rose about 31% in the following two weeks.
Expectations for Chainlink Stake v0.2 are palpable. This update aims to expand staking pool capacity to 45 million LINK, approximately 8% of circulating supply.
This expansion seeks to expand access to Chainlink Stake for more LINK holders, in line with the network’s Economics 2.0 initiative focused on enhancing security.
Introduced in December 2022, Chainlink Stake is designed to increase the utility of the token, allowing LINK holders to support Oracle service performance.
In return, they receive rewards and contribute to the overall security of the network. The recent wave of whale activity suggests growing confidence in Chainlink’s future potential.