LINK sharks on accumulation spree

According to data shared by the Santiment on-chain analytics aggregator, there is movement in Chainlink wallets. According to the data, a significant rank of crypto “shark” wallets appears to be accumulating LINK coins in bulk this week. In just a few days, they managed to capture millions of US dollars on Chainlink. While this accumulation is taking place, the Chainlink price has been rising since Tuesday and has currently increased by approximately 7 percent.

According to Santiment’s The number of these wallets has reached the highest level since the beginning of September 2022. There are currently around 100 new wallets holding 90,000-100,000 LINK since September 3, representing an increase of 3.2 percent. These total wallets (both legacy and those opened since September) currently contain 0.154 percent of the entire LINK supply purchased in the past year.

Chainlink announced that Balancer, a major decentralized exchange (which is also a major DeFi protocol), has integrated Chainlink Price Feeds into the Arbitrum mainnet. These will help Balancer provide secure pricing for large amounts of ETH deposited on it.

Chainlink Feeds can provide price data for various tokens representing staked Ethereum, such as wstETH, rETH, and cbETH. Without these feeds, creating a composable stable pool for large volumes of staked Ethereum trades becomes a difficult task. Over the past few years, the altcoin has provided security to various major DeFi protocols powered by billions of USD worth of smart contracts, protecting them from exchange outages, flash crash data, manipulation attacks, etc. protected. As staking has become more popular lately, Balancer decided to add extra security to DeFi protocols.

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