According to on-chain data, 56 percent of Chainlink investors became profitable, while daily LINK transactions increased by 436 percent.
Chainlink (LINK) took off in the bull run that started with the Bitcoin spot ETF news. One of the most rising cryptocurrencies in recent months was LINK. IntoTheBlock conducted on-chain research on Chainlink.
According to the data, LINK, which experienced a 76 percent increase last month, finally made its investors happy. 56 percent of LINK investors made a profit after a long time with the last rise. Additionally, daily LINK transactions increased by 436 percent.
Chainlink (LINK) data makes the bulls hungry
On-chain data compiled by IntoTheBlock highlights continued potential for Chainlink (LINK). The data contains striking details.
Chainlink has been one of the top performers of the recent bullish momentum and many have high expectations. Let’s take a look at some key on-chain metrics for $LINK
Holder Profit Analysis
🔵56% of $LINK holders are in profit are currently in profit.
🔵This is in the same range… pic.twitter.com/vSxmehr8zH— IntoTheBlock (@intotheblock) November 14, 2023
According to IntoTheBlock’s Chainlink data, the number of investors who have been at a loss for a long time and made a final profit with the latest rise has reached 56 percent. In the last bear market, 70 percent of LINK investors were at a loss. While the possibility of profit-making investors creating sales pressure was on the table, Chainlink data revealed a different view. Chainlink’s daily transaction count increased by 436 percent from the month’s low. The increased frequency of transactions on LINK stands out as a response to sales pressure.
There is a similar increase in total transaction volume. According to IntoTheBlock data, LINK had a daily volume of $515 million last week. Similar transaction volume on the Chainlink network was seen in July 2022. Witnessing a huge expansion after a year, LINK gave a potential bullish signal.
IntoTheBlock also covered whale mobility in the data. Looking at the movements of the whales, wallets holding more than 1 percent of the LINK supply continued to accumulate. Whales have accumulated 52,450,813 LINK in the last month.
