Chainlink Price Surges and Whale Accumulation
Chainlink (LINK) has been experiencing strong positive price activity for the past three weeks, outperforming the overall cryptocurrency market. Since January 25, LINK’s price has surged over 48%, surpassing $20 on February 11 for the first time since February 2022.
Amidst this price surge, on-chain data reveals consistent accumulation by whales. One particular whale has accumulated $83.6 million worth of LINK in the past five days.
Chainlink Overtakes Dogecoin in Market Cap
Chainlink’s impressive price movement has propelled it to become the 10th largest cryptocurrency by market capitalization, surpassing Dogecoin. Currently, LINK’s market cap is $11.85 billion compared to DOGE’s $11.46 billion. The surge in LINK’s price and market cap is driven by whales and investors accumulating the token.
According to data from IntoTheBlock, whale transactions of more than $100,000 totaled over $1.29 billion in the past seven days. Additionally, total exchange outflows have exceeded inflows during this period, indicating a holding sentiment among LINK traders.
A Single Whale Accumulates Massive Amounts of LINK
A single whale has been withdrawing significant amounts of LINK from Binance exchange in the past seven days. Around 4,556,684 LINK ($83.6 million) have been withdrawn and distributed across 55 new wallets. Although the outflow is spread across multiple wallets, it suggests that one entity is responsible for this accumulation.
The Future of Chainlink
Currently trading at $20.21, Chainlink’s price surge appears to be slowing down as it corrected 2% from its yearly high. However, it is still up by 9% and 36.13% in the past seven and 30 days, respectively. The broader crypto market is also experiencing gains, with Dogecoin witnessing a price spike of 7.3%. LINK’s market cap currently exceeds DOGE by $390 million, and further accumulation by traders could widen the gap between the two assets.
Hot Take: Chainlink’s Impressive Price Surge and Whale Accumulation
Chainlink has been on a remarkable journey with its price surging and overtaking Dogecoin in market cap rankings. The consistent accumulation by whales, particularly one entity that accumulated $83.6 million worth of LINK, indicates strong investor interest in the token. While the price surge seems to be slowing down, Chainlink’s position in the market remains strong. As the crypto market continues to catch up in gains, LINK’s market cap advantage over DOGE could further widen if traders continue to accumulate the token. It will be interesting to see how Chainlink performs in the coming weeks as it solidifies its position among the top cryptocurrencies.
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