Chainlink Whales Surge: 296% Jump in Large Transactions

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Chainlink whales are once more taking action, indicating a significant resurgence. Recently, there has been a surge in large transactions across the blockchain network, accompanied by a notable rise in active addresses, suggesting a key development. In this report, we examine the marked increase in whale transactions and active addresses, as well as potential factors that may have sparked this renewed interest in the previously quiet blockchain.

Chainlink Whale Volumes Surge by 295.93%

According to data from IntoTheBlock, Chainlink whales are becoming active once more following a period of inactivity. This time, whale transactions involving LINK tokens valued at $100,000 or more have significantly increased.

On September 22, there were just 65 large Chainlink transactions noted, but by September 23, this number doubled to 130, equating to a 100% rise in transactions. Similarly, the total number of tokens transacted also skyrocketed, but to an even greater extent.

Figures indicate that only 1.86 million LINK tokens were transferred by Chainlink whales on September 22. However, this amount surged to 7.28 million tokens by September 23. In monetary terms, Chainlink whales moved $20.71 million on September 22 and $82.01 million on September 23, marking an overall increase of 295.93% during this period.

Daily active addresses on the network also experienced a notable rise, albeit less substantial than the whale volumes. Active addresses increased from 1,810 to 2,070, reflecting a 14.72% uptick. This simultaneous growth in active addresses and whale transactions indicates that interest in the Chainlink network is being revived.

What Is Fueling The Recovery?

Currently, a significant development appears to be a primary driver behind the Chainlink resurgence, linked to the 21.co Bitcoin wrapper. The company announced its adoption of the Chainlink Proof of Reserves mechanism for its 21BTC token, a wrapped Bitcoin product made available on the Solana blockchain in May 2024.

This initiative aims to ensure absolute transparency for 21BTC, while benefiting from the decentralization, programmability, and investor confidence inherent in the Chainlink Proof of Reserves system. This will encompass the 21BTC offerings on both the Solana and Ethereum blockchains.

As anticipated, the announcement was positively received by the community, driving heightened investor engagement. Nevertheless, it hasn’t significantly affected the LINK price, which remains around the $11 mark. Over the past week, the altcoin has recorded approximately 5% gains, indicating only modest growth as a result of the news.