Unusual Chainlink Whale Accumulation Discovered: Implications for LINK

Chainlink whales have recently gone on an aggressive accumulation streak with multiple wallets involved in LINK purchases.

Depending on the Chainlink Whale may also be an institution that holds an account on Binance, according to insights shared by blockchain analytics firm Lookonchain.

According to Lookonchain, whales withdrew a total of 2,237,504 LINK worth approximately $42.38 million from Binance. The accumulation was not a one-time occurrence, but was done in batches over the last 48 hours.

The Charm of the Chainlink Whale

It is not common to find Large market whales accumulating LINK The project has a unique appeal due to the niche it occupies in the cryptocurrency ecosystem.

Chainlink is the first decentralized oracle service provider on the Ethereum blockchain and has secured trillions of dollars in assets since its founding.

The move to accumulate Chainlink comes as planned by the whale, which involves the company using up to 47 wallets for acquisitions.

Mysterious whales/organs are piling up. $LINK!

We saw a total of 2,237,504 withdrawals from 47 new wallets. $LINK From ($42.38M) #Binance In the last 2 days!

Address list: https://t.co/cYgH52rHzxhttps://t.co/SgFeI8cRKV pic.twitter.com/g7Mh66k9l0

— Lookonchain (@lookonchain) February 6, 2024

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A review of the wallets used by the whale revealed that the largest address was used to scoop up a total of 131,963 LINKs (worth $2,499,374 in monetary value).

At least two additional transactions exceeded 100,000 LINK, but the whale accumulated the lowest Chainlink value of 12,172 units at a price of $230,537.

While on-chain data is not necessarily indicative of intent, the withdrawal of over 2.23 million LINK from Binance suggests there is potential for long-term holding of whales.

Chainlink price shows opposite reaction

Whale accumulations such as those on record are generally optimistic. However, this particular trend has not had an impact on Chainlink’s price as it does not have enough volume to have such an impact.

The token changed hands to $19.02. down 1.19% Within 24 hours. Market capitalization also decreased by 1.1% to $11,193,029,217, and trading volume decreased by 11.9% to $867,332,008.

Consistent whale accumulation could change the narrative of LINK price in the long term as it is supported by key fundamentals within the Chainlink ecosystem. Staking V3 Upgrade.