Crypto whales are buying huge stacks in these two altcoins
- Top analytics firm says crypto whales are accumulating two Ethereum-built tokens.
- Chainlink plans to launch a beta version of its staking program by December 2022.
Top on-chain analytics company, Santiment, has revealed that crypto whales are fast accumulating two tokens built on the Ethereum network KNC and LINK.
Why KNC?
Santiment says deep-pocketed crypto investors are buying the native token of the Kyber Network, KNC. The Kyber Network is a blockchain-built exchange that facilitates instant swaps among ERC-20 tokens and aggregates liquidity without involving any third parties.
The analytics firm states that crypto whales keep buying more KNC tokens even though this token has dropped more than 40 percent of its value in the last 90 days, signaling that it’s on a downtrend. However, it’s common that during periods of low volatility or market dips, whales usually accumulate vast amounts of tokens.
#KyberNetwork whales have accumulated rapidly over the past three months, with key wallets holding 1m to 10m $KNC adding 20% of the supply to their holdings since July 31st. The last time this kind of accumulation was seen, $KNC grew +67% in 6 months. https://t.co/3P4j7fjHqo pic.twitter.com/q1XUDIRMVr
— Santiment (@santimentfeed) October 24, 2022
That might explain their heavy accumulation of KNC tokens. Whales are tempted to accumulate the KNC, given that it has had almost nonexistent volatility over the past 15 days.
Santiment further wrote, “crypto wallets with at least one million KNC tokens have increased their KNC holdings by 20 percent since July 31. The last time this kind of accumulation happened, KNC’s price surged by 67 percent within six months.”
At the moment, KNC is up 7.36 percent in the last 24 hours and trades at $0.9068, according to the latest data.
Why whales are accumulating LINK
The second token crypto whales are gobbling up, according to Santiment, is LINK. LINK is the native token of the decentralized oracle network, Chainlink. Santiment revealed that the number of whale crypto wallets holding LINK tokens is now at a 5-year peak.
LINK’s price touched the $7 mark on Sunday as whale addresses continue accumulating LINK tokens.
The analytics firm adds that 458 addresses hold at least $700,000 worth of LINK tokens. It is the highest number of addresses with such a value of LINK tokens since 2017. That year, LINK became available for public trading on a number of big exchanges. The latest data shows that LINK is up 5.22 percent in the last 24 hours and trades at $7.20.
Whales’ accumulation of these two tokens is having a positive impact on their prices. However, time will tell whether the effect will be short-term or long-term.
Related: Ethereum, Chainlink, and this Unicorn to explode in price due to this reason
Chainlink staking update
The Chainlink community is looking forward to the launch of Chainlink staking. LINK token holders that stake their tokens earn rewards because they contribute to the oracle services’ user assurances and security. A beta version of the Chainlink staking (v0.1) will be live by the end of this year.
At first, the beta version will be open to a select few. Then, there will be an iteration of the feedback before the full version of the staking program becomes available to the general public. According to Chainlink, all staking transactions will occur on Ethereum’s mainnet.
Chainlink developers plan to add more features to this staking program. Such features include security assurance techniques, user fee rewards, and an advanced reputation system.
