Significant LINK Purchases Reported
A mysterious entity, possibly a crypto whale or institution, has been aggressively accumulating Chainlink (LINK), the native token of the decentralized oracle network. This information was revealed by Lookonchain, a blockchain tracker.
Lookonchain observed that 47 new wallets withdrew a total of 2,237,504 LINK, valued at $42.38 million, from the major cryptocurrency exchange Binance over a two-day period.
LINK’s Market Performance
At the time of writing, LINK is trading at $18.21, experiencing a decline of over 5% in the past 24 hours. However, it has shown a positive trend in the past week, gaining nearly 15%, and in the past month, it has appreciated by more than 39%.
Market Sentiment and LINK’s Price Action
Crypto analytics firm Santiment noted earlier this month that LINK’s recent rally could continue despite a sudden decline in LINK wallets. The firm suggested that such a decline often indicates market capitulation due to fear, uncertainty, and doubt (FUD), which can precede a price spike.
Santiment observed that a large number of LINK tokens were moved from dormant wallets back into circulation, contributing to the price increase. Additionally, minor liquidations of LINK wallets were observed, which can also be a sign of FUD that may lead to further price rises.
LINK’s Distance from All-Time High
Despite the recent gains, LINK remains significantly below its all-time high of $52.70, which it reached in May 2021. According to CoinGecko, LINK is currently more than 65% down from its peak.