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Chainlink Sees Record Whale Activity Ahead of Staking Update

The decentralised oracle network Chainlink ($LINK) recently witnessed a record surge in whale transactions, with over 2,600 transactions exceeding $100,000 each.

This spike, the largest observed this year, aligns with the impending release of Chainlink Staking v0.2.

Cryptocurrency analyst Ali Martinez noted the significant uptick in substantial transactions on Chainlink.

IntoTheBlock’s data corroborates this, indicating that these spikes often signal an upcoming increase in LINK’s value.

$LINK witnessed its largest spike in whale transactions for the year, with over 2,600 transactions exceeding $100,000 each!

Chainlink’s native token has experienced a 30% rise over the past month and a notable 160% increase this year. This growth parallels a broader recovery in the cryptocurrency market, highlighted by Bitcoin’s impressive 130% year-to-date ascent.

Alongside these whale transactions, Chainlink’s daily transactions have soared by 430% from their monthly low. Major token holders have been actively accumulating, contributing to this momentum.

Santiment, an on-chain analytics firm, reported substantial movements of older Chainlink coins, a trend often followed by notable price shifts.

An intriguing observation by Santiment links these price surges to the movement of inactive tokens, a metric known as ‘Age Consumed’.

Following a spike in ‘Age Consumed’ levels to 8.34 billion on September 15, LINK’s price climbed approximately 31% in the subsequent two weeks.

The anticipation around Chainlink Staking v0.2 is palpable. This update aims to expand the staking pool capacity to 45 million LINK, which is about 8% of the circulating supply.

This enlargement seeks to broaden access to Chainlink Staking for more LINK holders, aligning with the network’s Economics 2.0 initiative focused on enhancing security.

Introduced in December 2022, Chainlink Staking was designed to boost the token’s utility, allowing LINK holders to support Oracle services’ performance.

In return, they earn rewards and contribute to the network’s overall security. This recent wave of whale activity suggests a growing confidence in Chainlink’s future potential.

* Original content written by Coinlive. Coinbold is licensed to distribute this content by Coinlive.