Whales, or large cryptocurrency investors, have been accumulating Chainlink (LINK) tokens at a significant rate in recent weeks. According to on-chain data analysis firm Lookonchain, 83 new wallets that may belong to the same institution have withdrawn a total of 11,097,687 LINK tokens (worth approximately $216.4 million) from the Binance exchange in the past two weeks. Here are the details…
Chainlink is in the focus of Binance addresses
This large-scale withdrawal shows that institutional investors are hopeful about the future of Chainlink, a decentralized oracle network that provides tamper-proof data streams to smart contracts. Chainlink is currently the 12th largest cryptocurrency by market cap, with a total value of over $11 billion.
LINK’s price has been on the rise in recent months, rising from around $14 in early January to over $20 today. The whales’ recent accumulation could be a sign that they believe the rally is far from over. According to some experts, “The fact that such a large amount of LINK has been withdrawn from Binance in such a short period of time is definitely a bullish signal. Because this may “show that institutional investors are starting to take notice of Chainlink and believe it has the potential to become a major player in the Blockchain industry.”
Ascension is not guaranteed
However, some analysts warn that the recent accumulation does not guarantee that the LINK price will continue to rise. Overall, the recent accumulation of LINK by whales is a positive sign for the future of the token. However, investors should be aware of the risks involved before investing in any cryptocurrency.
In addition to the above information, here are some other interesting points to consider:
- The identity of the whales that accumulate LINK is unknown. It is possible that they are a single institution or a group of institutions working together.
- Whales may accumulate LINK for various reasons. They may believe that the LINK price will rise, or they may plan to use LINK tokens to power their own DeFi applications.
- LINK accumulation can have a positive impact on the price of other cryptocurrencies such as Bitcoin and Ethereum. If LINK continues to rise, it could attract more investors to the cryptocurrency market as a whole.
At the time of writing, Chainlink is changing hands at $19.41. The cryptocurrency has been particularly bullish since the beginning of 2024. Moreover, if we look at it on an annual basis, it has recorded an increase of 168 percent. Since whales are also in focus, time will tell what will happen in the coming period. As always, investors should invest based on their own research. What we share is just data.
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