The cryptocurrency market has had its share of ups and downs. But one altcoin in particular shines brightly. Chainlink (LINK) has skyrocketed to its highest levels since May 2022. Because it experienced a significant increase of 13 percent in the last 24 hours and 23 percent last week. Thus, it is currently trading above $9.75. The question on everyone’s mind is: What is behind this extraordinary rally? Here are the details…
Altcoin Chainlink does not stop today
Known for its innovative oracle network and the recent launch of the Cross-Chain Interoperability Protocol (CCIP), Chainlink has emerged as one of the best performers in the current bullish crypto landscape. What distinguishes this rally from others is the role played by whales, large cryptocurrency holders. According to Lookonchain, the increase in LINK’s price is closely linked to significant whale activity. During the price increase, South Korean exchanges Bithumb and Upbit also attracted attention. Because these two exchanges collected 945,000 altcoins, an investment worth approximately $9 million. This significant accumulation, mostly seen on South Korean exchanges, is turning heads in the crypto community.
Exchanges currently hold approximately 202.6 million LINK, accounting for 20.26% of the total supply and worth approximately $1.9 billion. Owners deposited 37.45 million LINK, contributing to the overall stability of the coin. However, of particular interest is the existence of the “giant whales of LINK”. Some of these whales are on the agenda with the $ 80.32 million altcoin they have acquired from Binance since September 19. In other words, a person who collects the equivalent of 11 million LINK in 81 addresses is one of the biggest whales. Another whale with 38 addresses, which has been accumulating LINK since February, has 8.34 million LINK worth $79.22 million. In addition to these notable holders, a whale purchased 1.25 million LINK at a price of $7.58. It currently makes a profit of $2.1 million based on the prevailing market rate.
Whale activity deeply impacts LINK
Despite the remarkable bullish rally and the potential for continued price gains due to whale accumulation, a word of caution has emerged. A significant increase in whale activity, as seen in recent weeks, could lead to some profit for these giant owners. The previous increase in July was also largely attributed to whale activity. According to some analysts, this latest altcoin price increase is likely to create some downward pressure.
Recent actions by South Korean exchanges Bithumb and Upbit, specifically the transfer of 220,000 LINK worth $2.05 million, signaled a change in LINK’s price trajectory. As the price begins to decline from the peak, market observers are closely monitoring the movements of these influential players. The rise in Chainlink’s price is undoubtedly exciting for investors and enthusiasts, thanks to the actions of key LINK holders and South Korean exchanges. Still, investors should always be prepared for sudden price changes.
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