Chainlink is proving to be hugely popular on social media, is an upcoming surge on the horizon?

After a strong start to the year, things seem to have calmed down around Chainlink (LINK), but nothing could be further from the truth on social media. Data from blockchain analytics platform Santiment shows that the token’s social dominance has recently seen a sharp increase.

The rise in social dominance means that Chainlink is increasingly a topic of conversation on social media. This is measured by analyzing all discussions about the top 100 cryptocurrencies and determining what percentage of these are about LINK. In recent weeks, this indicator has risen to 1% of total volume, the highest point in 2024.

Capitulation of small investors

Interestingly, this increase in social dominance coincides with a decrease in the number of LINK addresses with a non-zero balance. In the past four weeks, approximately 1,867 addresses have completely emptied their balances. According to Santiment, this decrease is due to capitulation by smaller investors, who may be reacting to the current bearish market.

However, Santiment sees this combination as a potentially positive signal. Rising social dominance, combined with the departure of smaller holders, often points to a bullish trend, especially when the market stabilizes.

Chainlink whales are buying en masse

Unlike smaller investors, whales see opportunities. These wealthy investors purchased over 6.2 million Chainlink tokens in July, worth $76.9 million. Whale behavior is often seen as a key indicator of future market trends. Their purchases indicate confidence in the project’s long-term prospects. Whales currently own around 50.3% of all LINK tokens, which equates to 502.89 million LINK.

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