The top 1% LINK addresses now hold 84.44% of Chainlink’s total supply
This amount, valued at $13.207 Billion, has reached a 3 year high
Chainlink has been edged out of the top 10 on Coinmarketcap by digital assets such as Dogecoin, Polkadot, XRP and Cardano
The implementation of Chainlink 2.0 will have a positive impact on the value of LINK
The top 1% holders of LINK have accumulated 84.44% of Chainlink’s total supply. This amount translates to roughly 353,811,669 LINK tokens valued at $13.207 Billion using Chainlink’s current value of $37.33. The accumulation by the top 1% of Chainlink holders was observed and shared by the team at Glassnode through the following tweet.
📈 $LINK Percent Supply Held by Top 1% Addresses just reached a 3-year high of 84.440%
Previous 3-year high of 84.402% was observed on 19 April 2021
Chainlink Edged Out of the Top 10 on Coinmarketcap
The accumulation of Chainlink by the aforementioned 1% implies that fundamentals and price action surrounding LINK remain strong. However, the digital asset has been edged out of the top 10 in terms of market capitalization, by other popular digital assets such s Dogecoin (DOGE), Cardano (ADA), and XRP.
Dogecoin (DOGE) has had the proverbial meteoritic rise due to a large social media following and direct endorsements by Elon Musk and Mark Cuban. With respect to Cardano, ADA has been revitalized in the markets by the prospects of the blockchain finally availing smart contracts to developers. XRP on the other hand has continued to flourish despite the FUD of an SEC lawsuit against Ripple.
Chainlink 2.0 Will Be Key in LINK Regaining a Footing in the Top 10
At the time of writing, Chainlink is ranked 12th on Coinmarketcap, and trading at $37.33.
Late last week, LINK experienced a local low of $28.8 During the recent crypto market meltdown that saw Bitcoin drop to $50,900. Chainlink has since recovered from the event and is attempting at regaining the $38 price area as support.
With respect to long-term price growth, Chainlink investors remain optimistic that LINK will continue growing based on the adoption of its price oracles across the blockchain industry and the release of the Chainlink 2.0 whitepaper. The latter document details plans of introducing hybrid smart contracts to the project through a series of improvements over time.
Therefore, and on a fundamental level, Chainlink remains in bullish territory with a return to the top 10 by LINK very likely in the months to follow.