Key Takeaways:
- LINK price drops 12% in October, but whales buy the dip.
- The number of large LINK addresses has grown since mid-September.
- Chainlink Network added several partnerships and launched its QuickStart apps.
YEREVAN (CoinChapter.com) – Chainlink (LINK) traded at $7.2 on Oct 12, after shaving 12% off its price month-to-date.
Notably, the crypto market as a whole didn’t fare well in the current geopolitical crisis, as Bitcoin dropped 5% since the war erupted in the Middle East. However, Chainlink whales saw the rising market turbulence as an opportunity and continued to fill their purses.
LINK whales accumulate
According to on-chain data provider Santiment, LINK whales, i.e., accounts holding large amounts of coins, added over 30 addresses to their ranks in mid-September before the LINK/USD exchange rate lost the noted 12%.
In detail, 27 additional addresses now hold 100,000-1 million LINK, and another four wallets hold between 1-10 million LINK.
The overall crypto market downturn might have spooked retail investors, as the total number of LINK addresses slightly declined since Oct 8. However, the correction did not reverse the bullish trajectory, adding 16,000 wallets on Ethereum throughout Q3.
Additionally, LINK supply on exchanges fell in the previous month, which is generally a sign that investors prefer to HODL their coins rather than swap them.
Meanwhile, Chainlink added several new partnerships in the previous week.
Chainlink Network Growth Impressive
As per Chainlink’s official X.com feed, on Oct 11, the Network started a new partnership with Arkham Intelligence, a platform that provides information on the real-world entities behind addresses on the blockchain. The said information will be available to developers through the Chainlink Functions.
The Arkham team also noted that the partnership opens up new use cases for the intelligence firm, such as “facilitating users in pinpointing their real-world transaction partners, evaluating risk permeating through addresses owned by a singular entity,” etc.
According to another Oct. 11 announcement, Thales, a protocol powering on-chain, parimutuel markets, also integrated Chainlink Automation live on the Arbitrum and Optimism mainnets. Due to the integration, stakers no longer “risk forfeiting weekly rewards” by forgetting to claim them manually.
On Oct 10, the platform also launched Chainlink QuickStarts, apps for Web3 developers. According to the announcement, they are “built to reduce development time for common Web3 use cases in gaming, DeFi, and beyond.”
Notably, the LINK price does not directly depend on the partnerships. However, development activity on a platform typically attracts more retail investors and whales, which, in turn, increases buying pressure and raises the asset price.
