An anonymous investor, often referred to as a “whale,” has been actively acquiring LINK, the cryptocurrency associated with the Chainlink network. The on-chain monitoring tool Lookonchain recently reported a series of substantial acquisitions of LINK by this investor, highlighting the growing interest in the digital asset.
Whale Investor Snaps Up Millions in LINK
Lookonchain has tracked the whale’s activity, revealing the transfer of a staggering $83.6 million worth of LINK, which equates to 4,556,684 tokens, into 55 newly-created wallets within a span of five days. While this isn’t the first instance of significant LINK movements, as previous Lookonchain updates have noted similar patterns, it remains unclear if these actions can be attributed to a single entity or multiple parties.
On February 7th, Lookonchain highlighted the withdrawal of LINK by two notable whales from the cryptocurrency exchange Binance. One withdrew LINK valued at $49.9 million into 49 new wallets, while the other transacted $9 million worth of LINK through ten-day withdrawals. A day prior, another withdrawal of $42.38 million in LINK was reported by Lookonchain, also from Binance.
Chainlink’s Price Soars, Predictions Lean Bullish
Chainlink’s token recently experienced significant price growth, crossing the $18 mark for the first time in nearly two years after a prolonged period of lateral movement. The positive price action hints at a bullish outlook, supported by the high volume of whale transactions suggesting a trend of long-term holding away from exchanges.
Presently, per TradingView analytics, LINK is trading at $18.4. The token’s current market position as the 12th most valuable cryptocurrency, with a market cap of $10.7 billion, leaves room for growth, especially when considering its historical peak of $52.88.