Chainlink network now has more than 535,000 wallets holding at least 1 LINK, which represents the highest number of non-micro wallets since December 2022.
According to Santiment, this growth has taken place even though LINK remains well below its cycle peak prices.
Chainlink Wallet Growth
The analytics platform stated that a steady increase in wallet counts has historically been viewed as a sign of gradual adoption and accumulation. The firm said the rise in new participants is an encouraging development, particularly during periods of market uncertainty.
It also added that tracking wallets holding at least 1 LINK is important because the metric indicates network participation rather than short-term speculation. While prices can fluctuate based on market sentiment, a growing number of holders may indicate increasing long-term trust and interest in the ecosystem.
However, LINK’s price performance has remained underwhelming. The token has trended lower over the past month, falling from above $10.4 in early May to around $7.9 at the time of writing. The decline essentially suggests that while adoption and participation on the network continue to increase, this growing interest has not yet translated into stronger price action for the asset.
Even as LINK remains under pressure, the network has seen increased adoption of its infrastructure in recent weeks. Following the April exploit involving LayerZero-powered systems, both KelpDAO and Solv Protocol announced plans to migrate their cross-chain operations to Chainlink’s Cross-Chain Interoperability Protocol (CCIP). KelpDAO said it will transition rsETH to Chainlink’s framework to strengthen security, while Solv Protocol is moving more than $700 million in Bitcoin-related assets to CCIP as part of a broader overhaul of its cross-chain infrastructure.
Regarding Chainlink’s position, Santiment stated,
“With Chainlink continuing to play a central role in oracle services, tokenized assets, and real-world asset infrastructure, watch for crypto’s #17 market cap to be a breakout candidate when overall markets turn bullish once again.”
Expansion
Chainlink Labs is increasing its involvement in the regulatory side of the crypto industry. Alongside Anchorage Digital, it helped establish the Blockchain Leadership Fund, a PAC that has endorsed ten candidates for the 2026 election cycle who support pro-crypto and blockchain-focused policies.
Additionally, Chainlink’s technology was recently adopted by Fidelity International for its first tokenized fund, FILQ.
The post Over 535,000 LINK Holders Signal Quiet Chainlink Accumulation Amid Market Uncertainty appeared first on CryptoPotato.
