- A Prominent investor has been aggressively accumulating Chainlink (LINK) tokens.
- Multiple wallets have been utilized for these purchases, suggesting a substantial investment.
A Chainlink whale has recently engaged in a vigorous buying spree, utilizing multiple wallets for their LINK purchases.
Insights provided by blockchain analytics firm Lookonchain suggest that this Chainlink whale could be an institutional entity with a presence on Binance.
According to Lookonchain’s data, the whale has withdrawn a significant amount of LINK—2,237,504 tokens, valued at around $42.38 million—from Binance. This accumulation wasn’t a one-time event but rather occurred in multiple batches over the past 48 hours.
The attractiveness of Chainlink to such whales is not surprising, given its unique role in the crypto ecosystem. As the first Decentralized Oracle service provider on the Ethereum blockchain, Chainlink has secured assets worth trillions of dollars since its inception.
The accumulation strategy appears to have been well-planned, involving the use of up to 47 wallets for the acquisitions. The largest wallet address alone acquired 131,963 LINK, valued at approximately $2,499,374.
A mysterious whale/institution is accumulating $LINK!
We noticed that a total of 47 fresh wallets withdrew 2,237,504 $LINK ($42.38M) from #Binance in the past 2 days!
Address list: https://t.co/cYgH52rHzxhttps://t.co/SgFeI8cRKV pic.twitter.com/g7Mh66k9l0
— Lookonchain (@lookonchain) February 6, 2024
While some transactions exceeded 100,000 LINK, others were as low as 12,172 units, valued at $230,537. Despite the lack of explicit intent in on-chain data, the significant withdrawal of over 2.23 million LINK from Binance suggests a potential long-term holding strategy by the whale.
Whale accumulations typically signal bullish sentiment, but this trend hasn’t yet influenced the price of Chainlink significantly, given its relatively low trading volume. Currently, the token is trading at $19.02, reflecting a 1.19% decrease over 24 hours. Market capitalization has also decreased by 1.1% to $11,193,029,217, with trading volume dropping 11.9% to $867,332,008.
However, sustained accumulation by whales like this one could potentially shift the narrative on Chainlink’s price in the long term, especially with upcoming fundamental developments like the Staking V3 upgrade within the Chainlink ecosystem.
