Chainlink’s whales surge, accumulate $110 million in LINK tokens
Share link:In this post: About $110 million worth of LINK tokens have left crypto exchanges in the last two weeks. Large scale holders have been buying up LINK tokens and now control more than 50% of supply. Their accumulation might be driven by the belief that LINK is undervalued and set for future gains.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent
Despite Chainlink ‘s current price struggles, whale activity remains robust. Blockchain analytics firm Santiment reported that “millionaire wallets” associated with the Oracle network have significantly increased their holdings amidst market downturns.
Also Read: Chainlink price prediction 2024-2030: A strong buy sentiment for LINK?
According to Santiment’s data, addresses holding 10,000 to 1 million LINK coins have increased their holdings by around 5% since June 24 to 207.29 million, an eight-month high. This means this cohort of investors acquired roughly $9.2 million in coins during the reporting period.
Over $110 million in Chainlink tokens were withdrawn from centralized exchanges
Data from IntoTheBlock further corroborated this whale’s accumulation. Per the blockchain intelligence platform, crypto investors pulled the Oracle network’s LINK token from centralized exchanges, resulting in a negative flow of around $110 million.
The firm stated:
“Such activity is typically associated with an accumulation phase, indicating that investors are moving LINK off exchanges and into long-term holdings.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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