Chainlink Holder Count Hits All-Time High With 769,380 Addresses

Chainlink has seen a significant increase in its total holder count, reaching a new all-time high. This trend indicates that new investors are entering the market, contributing to the growth of non-zero balance addresses on the LINK network. The analytics firm Santiment highlighted this trend, noting that the Total Amount of Holders metric has been climbing steadily over the past year. This increase suggests that there is a net adoption of Chainlink, with new investors and existing users creating new wallets for various reasons, such as distributing holdings or privacy purposes.

Over the past month, 7,903 new non-zero balance addresses have joined the Chainlink network, bringing the total holder count to 769,380. This surge in new addresses is a positive sign for the cryptocurrency, as it indicates growing interest and adoption. Additionally, the Market Value to Realized Value (MVRV) Ratio for Chainlink, which compares the market cap to the realized cap, is currently at a negative 17.3%. This means that investors who bought their coins within the past year are, on average, holding a loss of 17.3%. However, this is not necessarily a negative indicator, as investors who are underwater are less likely to sell, which could suggest that the asset is in a long-term investing opportunity zone.

Santiment's analysis of the 365-day MVRV Ratio suggests that Chainlink's long-term investing timeframe is in an opportunity zone. This is because investors who are currently holding a loss are less likely to sell, which could lead to a potential price increase in the future. The current price of Chainlink is around $13.15, up more than 2% in the last seven days. This price surge, combined with the increasing holder count and the negative MVRV Ratio, indicates that Chainlink is in a strong position for long-term growth.