Chainlink (LINK) has traders excited as its price has risen 40% since the last week of January, massively outperforming the broader cryptocurrency market. Amid this price surge, mysterious whale wallets have been replenishing their holdings, as evidenced by on-chain data.
According to blockchain tracker Lookonchain, there has been a massive outflow of LINK from the Binance cryptocurrency exchange over the past two days, particularly with 49 new wallets receiving 2,745,815 LINK within this time period.
Massive LINK Accumulation Occurs on Binance Ahead of Withdrawal
Binance details point to a accumulation in progress of LINK from the crypto exchange. In the midst of this accumulation, one particular whale or institution has gone on a buying spree, gobbling up over 2.7 million LINK tokens worth $49.9 million. This accumulation came days after Lookonchain noted that four new wallets had withdrawn over 119,583 LINK tokens worth over $2.15 million from Binance.
Whales/institutions continue to accumulate $LINK!
This mysterious whale/institution withdrew 2,745,815 $LINK($49.9 million) #Binance through 49 new portfolios.
Whale”0x2A19″ retired 494,957 $LINK($9 million) #Binance in the last 10 days.https://t.co/QoP2waErBShttps://t.co/iaPHa9f0XB pic.twitter.com/GUW1S33NHf
— Lookonchain (@lookonchain) February 7, 2024
Similarly, Lookonchain noted that another whale address “0x2A19” has withdrawn 494,957 LINK tokens worth $9 million from Binance in the last 10 days. Notably, whale transaction tracker Whale Alerts has also noted some accumulation of LINK tokens from other crypto exchanges.
800,000 #LINK ($14,701,915) transferred from #Bybit to unknown wallethttps://t.co/RQEu3CxLVM
– Whale Alert (@whale_alert) February 7, 2024
Analytics platform Santiment also noted that LINK whale addresses have increased their activity amid the price surge, as large amounts of coins were moved through previously stagnant wallets. This influx of tokens back into network circulation, along with minor wallet liquidation, appears to have contributed to the price increase.
#Link of the chain has been ahead of the #altcoin pack after some previously inactive wallets created the highest peak of consumed age (5.38B, calculated by multiplying the coins moved by the number of days those coins had been inactive). This influx of $LINK back to
(Continued) pic.twitter.com/eHVpeJz2HW
– Sentiment (@santimentfeed) February 1, 2024
How will the new Chainlink whales affect price action going forward?
crypto-market-resurgence-new-data-shows-average/” rel=”nofollow”>The crypto industry is currently experiencing a modest price increase led by bitcoin It recently surpassed the $44,000 level again. As a result, the industry is up 3.25% in the last 24 hours, with a 22.60% increase in trading volume.
LINK has not been left out of this price rise, registering a gain of 4.30% in the last 24 hours. However, LINK has seen a sustained breakout since January, reaching a high of $19.68 on February 5.
The price increase is not particularly surprising, since Chainlink ecosystem fundamentals They point to a constant growth of the LINK price. Chainlink's role in DeFi and NFTs with its smart contract oracles cannot be underestimated. Chainlink also recently launched its Stake protocol v0.2 in December, allowing investors to stake a minimum of 1 LINK to earn a minimum reward rate of 4.5% annually on LINK.
Consequently, massive LINK accumulation by whales is a very bullish signal for the token's price action going forward. These large investors see the value and long-term potential of LINK and are packing their bags in anticipation of higher prices.
LINK price trading high at $18.7 | Source: LINKUSD on Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
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