An unknown entity, likely an institution, has amassed nearly a quarter billion dollars worth of popular altcoin Chainlink (LINK), according to on-chain data.
Blockchain monitoring firm Lookonchain reported earlier this month that new wallets belonging to a mysterious institution were seen withdrawing large amounts of LINK from major cryptocurrency exchanges such as Binance. reported. Even more remarkable is that in a short period of time, dozens of wallets belonging to this institution collectively accumulated over $200 million in LINK. According to Lookonchain’s report, “83 new wallets (which may belong to the same institution) withdrew a total of 11,097,687 LINK ($216.4 million) from Binance in the last two weeks.”
In February, LINK increased in value by over 30% and is currently trading at $20.22. This sudden increase led many people to realize the popularity and value of Chainlink. This large accumulation of LINK in particular is thought to have attracted the attention of an institution or perhaps an investor group. This may indicate that the demand for the oracle services provided by Chainlink is increasing and that large institutional players are trying to gain a foothold in the market to meet this demand.
Recently, popular crypto analyst Altcoin Sherpa also expressed his long-term bullish expectation on Chainlink, suggesting that LINK has experienced a successful breakout from the $12 to $16 range. He said LINK will likely move higher in the long run. The analyst used the following statements:
“LINK: Things still look good for LINK on the HTF (high time frame). I think this will continue to rise in the long term, but I’m not keen on it for short-term trading. Volatility is a bit bad (but liquidity is good).”
NEWS CONTINUES BELOW
You can follow the current price movement here.
