Chainlink Whales Increase Accumulation: LINK Cryptocurrency Rises Over 10%

Chainlink whales are causing a stir in the market, with a notable acceleration in the accumulation of LINK tokens in recent days. At the time of publication, the LINK price was quoted at US$20.18, up 10% in the last 24 hours.

One whale wallet in particular drew attention for its aggressive buying, accumulating an impressive total of 4,556,684 tokens, equivalent to approximately $83.6 million, going by LINK’s current prices. This movement suggests an optimistic expectation regarding the future value of LINK.

This mysterious whale continues to accumulate $LINK!

And has accumulated a total of 4,556,684 $LINK ($83.6M) from #Binance via 55 fresh wallets in the past 5 days.https://t.co/cYgH52rHzxhttps://t.co/B32QIBNNu2 pic.twitter.com/cP7piTmNaT

— Lookonchain (@lookonchain) February 10, 2024

This accumulation pattern did not go unnoticed by market observers, being interpreted as an indication of confidence in LINK’s appreciation potential. Additionally, a significant increase in the number of LINK holders was recorded, indicating an expansion in the investor base. Recent data reveals an addition of around 9,000 new holders since January, bringing the total to 717,000.

A parallel trend observed is the decrease in the supply of LINK available on exchanges. Currently, only around 21.5% of total LINK tokens are housed on trading platforms, signaling a preference by holders to retain their assets outside of exchanges. This strategy is often adopted by investors who anticipate an increase in the value of the asset, preferring to hold their positions waiting for future appreciation.

These strategic moves by whales and supply and demand dynamics suggest possible upward pressure on LINK prices. The cryptocurrency community is keeping an eye on these developments, speculating about the potential impact on LINK’s market share price.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.