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- According to Glassnode, only 1 percent of the top owners of Chainlink control over 81 percent of the token supplies.
- Further analysis showed that only 0.03 per cent of the LINK-holding address had more than 82.7 per cent of the tokens.
- Recently, with so much going on, Chainlink gained the eighth largest cryptocurrency position and also partnered with Tezos and Google
According to Glassnode’s research data, only 1% of the top holders of Chainlink control around 81 percent of the supply of tokens. Glassnode proves to be a data collector and aggregator of the cryptocurrency market.
According to them, Chainlink’s distribution of tokens proves to reach the highest levels in centralization. The centralization includes only 1% of the top holders of Chainlink wallets controlling over 80% of Link. The total number of tokens collected and saved by the giants kept increasing in the past two years.
THE DEEPER ANALYSIS OF GLASSNODE HAD MORE TO SAY
Earlier, while collecting data, the token that was held was excluded by glassnode. Later from the data revealed by Etherscan, only 100 wallets held over 82.7% of tokens, which comprised only 0.03% of LINK-holding addresses.
An estimation made by Glassnode showed that there are only around 12,500 LINK addresses in their active state. This also implies that only 0.8 percent of wallets carry more than 83 percent of LINKs.
It is estimated that the giant whales of Chainlink have increased the rate of accumulating tokens, and this began in July 2019. The supply share represented only 1 percent of the LINK. Hence, this gradually increased from 53 percent to a value of 81 percent over a period of only 18 months.
FURTHER DATA PREDICTIONS MADE BY GLASSNODE
In a concluding note, Liesl Eichholz of Glassnode added on the news of the continuous increase in the purchase of LINK by the whales that are leading to new high market values included :
‘The continued concentration of supply suggests that, even with the available supply increasing, LINK’s top holders are still bullish on token, and are continuing to acquire more.’
Glassnode recently recorded that over 52 million LINK have moved to the team of Chainlink from the reserve wallets, and all this happened in just 100 days. This provided Chainlink with the position of ‘2020’s most widely used network.’ It also gained its partnership with Tezos and Google. On the 18th of January, Chainlink positioned itself as the eighth-largest crypto unit by market capital by flipping Bitcoin Cash.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
