Glassnode has released interesting data that may be surprising to LINK holders and the entire crypto industry. According to the crypto data aggregator, Chainlink (LINK) is currently at its highest levels of centralization, with more than 80 percent of the token not in exchanges stored in 125 wallets. This indicates that the number of LINK tokens held by whales has increased immensely.
Glassnode’s estimate revealed that about 12,500 of the wallets are still active, which means that about 0.8% of total LINK active wallets hold 83% of the Supply.
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The number of whales currently holding LINK tokens seems to have accelerated since July 2019, when the total number of LINK tokens held by whales was estimated to be 53% at the time.
Despite the token’s surge this month, whales have continued to buy more LINK tokens. According to Liesl Eichlolz from Glassnode, seasoned Chainlink traders are still going long as the bullish sentiment remains strong.
Chainlink team sells 52 million tokens
The Chainlink team also seems to have added more tokens into the market, as they continue to sell a major part of their private token pool. Within the last 100 days, the Chainlink team has shipped out 52 million LINKs to the market, according to Glassnode data. Interestingly, the majority of the sold LINKs have been acquired by very few wallets, which has also widened the level of centralization when it comes to the holders of Chinlink’s tokens.
And it seems the company has channeled its energy towards more partnerships to cement its place as a leader in the oracle network. The recent partnership with top companies like Tezos (XTZ) and tech giant Google shows that Chainlink is very serious about its ambition.
Those off-market fundamentals have galvanized the price of the token, coupled with the overall bull sentiment in the market.
And with LINK’s price almost doubling within the past months, whales who are known for noteworthy trading activities are grabbing all the link tokens they can have.
Yesterday, Chainlink overtook Bitcoin Cash to become the eighth largest crypto coin by market capitalization.