The LINK price is gaining momentum after a period of cooling off, maintaining most of its profit and staying above $14. The recent uptick saw the price even reach above $16. But what’s behind this surge?
On-chain data from Santiment revealed that LINK’s richest wallets purchased about 3.9 million tokens in the past three days, indicating an increase in the total amount of tokens held by the largest Chainlink addresses.
This highlights a current accumulation trend amongst Chainlink whales, with the top 200 wallets adding over $50 million worth of LINK tokens in approximately five weeks.
What’s even more impressive is that LINK has outperformed Bitcoin by over 93% in terms of market cap over the past five months. Its market capitalization has increased by more than 143% in the last five months, showing strong performance against the premier cryptocurrency.