• Crypto whales and sharks are buying up Chainlink (LINK) worth $192 million in less than a month.
• Santiment reports that Chainlink’s development activity is rising rapidly on GitHub.
• Tether and USDCoin moving to exchanges could signal an upcoming crypto rally.
Crypto Whales Accumulating Massive Amounts of LINK
Santiment says that deep-pocketed crypto investors are accumulating massive amounts of Chainlink (LINK) as LINK’s development activity soars. New data from the market intelligence platform shows that crypto whales and sharks went on a LINK buying spree, picking up $192.2 million of the decentralized oracle network’s token in under four weeks. During the same time, Chainlink’s development activity on the development hosting platform GitHub increased significantly, making it one of the top five most developed assets during the last 30 days, according to Santiment.
Tether and USD Coin Moving To Exchanges
Santiment also keeps a close eye on stablecoins Tether (USDT) and USD Coin (USDC) moving to and from exchanges. The firm notices a slight uptick in USDT moving to exchanges, which could signal a move to the upside for crypto. “Tether and USDCoin moving to exchanges have historically foreshadowed crypto surges. Influxes of USDC to exchanges in December and February sparked rallies the following months (respectively). USDT has risen slightly since June, but more will be bullish,” according to Santiment analysis.
Chainlink Price Action
Chainlink is trading for $7.34 at time of writing, up 3.1% during the last 24 hours. Bitcoin is trading for $29,854 at time of writing, up 2.7% during the last 24 hours – potentially signaling an upcoming surge if trends continue with stablecoin transfers as predicted by Santiment’s analysis..
Santiment Predictions For Crypto Market
Santiment previously predicted that Bitcoin could soon find itself over the $30,000 level if whales continue swapping stablecoins for Bitcoin after months of decreasing their BTC holdings – a trend which appears to be coming true based off current price action as stated above; BTC now just below $30k mark!
In conclusion it appears that deep-pocketed investors are taking advantage of current market trends by accumulating massive amounts of Chainlink tokens while being mindful of potential crypto run-ups signaled by movements in Tether & USDC coins transferring between exchanges – all predictions made by analytics firm Santiment come true!