Unusual Chainlink Whale Accumulation Spotted: Here’s Impact On LINK

A Chainlink whale has been on an aggressive accumulation streak with multiple wallets featured in the recent LINK purchases.

According to insights shared by blockchain analytics firm Lookonchain, the Chainlink Whale might also be an institution with an account on Binance.

Per Lookonchain, the whale has withdrawn a total of 2,237,504 LINK worth approximately $42.38 million from Binance. The accumulation was not one-off, rather it was conducted in batches over the past 48 hours.

Chainlink Whale Attractiveness

It is not uncommon to find large market whales accumulating LINK as the project displays unique attractiveness owing to the niche it occupies in the crypto ecosystem.

Chainlink is the first Decentralized Oracle service provider on the Ethereum blockchain and has secured trillions of dollars in assets since its establishment.

The move to accumulate Chainlink came off as a planned one by the whale with the entity involved employing up to 47 wallets to make the acquisitions.

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

– Advertisement –

According to a review of the wallets used by the whale, the largest address was used to scoop up a total of 131,963 LINK worth a monetary value of $2,499,374.

While at least 2 more transactions were above 100,000 LINK, the whale accumulated Chainlink worth as low as 12,172 units with a price worth $230,537.

While on-chain data does not necessarily show intent, the withdrawal of the more than 2.23 million LINK from Binance suggests a potential long-term holding for the whale.

Chainlink Price Shows Opposing Reactions

Whale accumulations such as the one on record are generally bullish. However, this particular trend has not impacted on the price of Chainlink, as it does not command enough volume for such an influence.

The token is changing hands for $19.02, down 1.19% in 24 hours. The market capitalization is also down by 1.1% to $11,193,029,217, while trading volume has dropped 11.9% to $867,332,008.

The consistent whale accumulations might change the narrative in LINK price in the long term as it would be backed by key fundamentals within the Chainlink ecosystem like the Staking V3 upgrade.