Chainlink wallets exceed 535,000, highest in three years

The number of wallets holding at least one Chainlink (LINK) token has reached its highest level in over three years, signaling growing network participation even as the cryptocurrency's price remains under significant pressure. According to data from analytics firm Santiment, the count of these non-micro wallets surpassed 535,000 on Monday, June 9, marking the highest total since December 2022.

This growth in wallet addresses occurred despite LINK trading well below its previous cycle highs, having fallen more than 60% over six consecutive months. Analysts note that a sustained increase in wallet counts is historically viewed as a sign of gradual adoption and accumulation, suggesting that new participants are entering the ecosystem during a period of market weakness. The metric is considered an indicator of long-term network participation rather than short-term speculation.

However, this on-chain growth has not yet translated into sustained price recovery. After falling to a two-year low of $6.99 on Saturday, June 7, LINK rebounded to trade near $8.00 by Tuesday, June 9. The token remains below key short-term moving averages, with technical analysts identifying immediate...