A mysterious crypto whale or institution appears to have been gobbling up massive amounts of the native asset for the decentralized oracle network Chainlink (LINK), according to the blockchain tracker Lookonchain.
Lookonchain notes that a total of 47 fresh wallets withdrew 2,237,504 LINK worth $42.38 million from top crypto exchange Binance over a two-day period.
LINK is trading at $18.21 at time of writing. The 13th-ranked crypto asset by market cap is down more than 5% in the past 24 hours but up nearly 15% in the past week and more than 39% in the past month.
Crypto analytics firm Santiment noted earlier this month that Chainlink’s recent rally could continue even as LINK wallets see an abrupt decline. The firm said a sudden decline in wallets generally indicates market capitulation due to fear, uncertainty and doubt (FUD), which can indicate an upcoming spike in price.
“Chainlink has jumped ahead of the altcoin pack after some previously dormant wallets created the highest age consumed spike (5.38 billion, calculated by multiplying coins moved by the amount of days those coins had been dormant). This influx of LINK back into the network’s circulation has likely contributed to the price jump.
Additionally, the network had seen minor liquidations of wallets, which is often a sign of FUD that can contribute to further price rises.”
Despite LINK’s recent price gains, it remains more than 65% down from its all-time high of $52.70, which it hit in May 2021, according to CoinGecko.
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