80% Chainlink Holders at Loss: Will Things Change Soon?

• Chainlink holders are facing intense challenges with a price plunge and over 80% of holders in the loss.
• Whales have been selling off some tokens while retail holders have been accumulating.
• Despite the price drawdown, Chainlink’s development activity has risen from December 2022.

Chainlink Holders in Loss

Holders of Chainlink [LINK] have been facing intense challenges as a chunk of them are stuck in a loss, IntoTheBlock’s data showed. As shared by Katherine_XBT, a multichain token holder, over 80% of LINK holders were in the cohort, with the last time such occurring was in December 2022.

Whales Selling Tokens

While whales have been letting go of some of their tokens, retail holders have been accumulating. According to Santiment, the number of addresses holding 100,000 to 1,000,000 tokens has been decreasing. This means that new entries by large holders have not been encouraging and whales might not be confident enough about the token performance going forward. However, for addresses holding 100 to 10,000 tokens belief in the token heightened for the long term.

Developement Activity Rises

Despite the price drawdown, Chainlink’s development activity has risen from the trend of December 2022. As of this writing, the metric was 52.57 which centers around GitHub’s contribution to the project. When development activity increases it means that developers are actively working on polishing up the network which could serve as a bullish signal for LINK’s long-term value.

Will Things Change Soon?

With LINK holders coping with a price plunge could there be some relief soon? More LINK holders may fall into further losses however; it is important that investors take into account all factors before making any decisions regarding their investments including short-term and long-term trends as well as development activities among others things before investing or trading Link or other cryptocurrencies for that matter.

Conclusion

In conclusion it is important to consider both short-term and long-term factors when deciding whether or not to invest or trade cryptocurrencies such as LINK – taking into account all features including whale behavior and developments activities amongst other things can help investors make more informed decisions regarding their investments .

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