Smart Money Trader Stockpiles Chainlink (LINK) Amid Price Drop
The recent dip in the crypto market has sparked speculations among enthusiasts worldwide. However, amidst the volatility, a smart money trader has been accumulating a significant amount of Chainlink (LINK) from a centralized exchange.
Accumulation by Smart Money Trader
According to on-chain data from Lookonchain, the trader has acquired 417,834 LINK from Binance over the past two days, totaling $6.9 million. This trader has a history of similar accumulations and has previously made substantial profits.
Previous Profitable Trades
The smart money trader purchased 641,386 LINK at an average price of $7.4 per coin and sold it later at an average price of $15.1, resulting in a profit of $4.9 million. The wallet address associated with this trader is 0x8B947f…05ad8564.
Bullish Sentiment for LINK
The accumulation of LINK by this smart money trader during its price slump has gained attention in the crypto market. Given their track record of profitable trades, this further fuels bullish sentiment for LINK among traders and investors globally.
Price and Trading Volume Decline
As of now, Chainlink’s price has dropped by 5.51% in the past 24 hours and is currently trading at $15.89. The token’s trading volume has also decreased by 30.66%, reaching $834.21 million. Additionally, its market cap has declined by 5.49% to $9.02 billion.
Optimistic Market Sentiments
Despite the price drop, the accumulation of LINK by the smart money trader has instilled optimism among market participants.
Hot Take: Smart Money Trader’s Accumulation of Chainlink (LINK) Signals Bullish Outlook
The recent accumulation of Chainlink (LINK) by a smart money trader during its price slump indicates a positive outlook for the token. This trader has a history of profitable trades, and their accumulation has garnered attention in the crypto market. Although LINK’s price has experienced a decline, the optimism surrounding this smart money trader’s actions suggests potential future gains for LINK. As always, it is important to conduct thorough research and analysis before making any investment decisions in the crypto market.
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