The crypto market has recently seen a significant whale accumulation event. As per Lookonchain, an onchain crypto analytical platform, a crypto whale has redeemed up to 362,380 $LINK tokens from Binance. The crypto analytics provider disclosed that the whale carried out this withdrawal over the last 48 hours. The respective $LINK accumulation, accounting for up to $8.19M, denotes a noteworthy market shift. Hence, it may lead to a potential price action for the $LINK token.
Whales Created New Wallets to Extract $8.19M in $LINK from Binance
Lookonchain disclosed his incident in an exclusive X post, which shows the increasing confidence of crypto whales in the $LINK token. It added that this whale activity may pave the way for an enormous It brought to the front that the whale reportedly utilized 9 newly created crypto wallets to withdraw $LINK. The whale reportedly redeemed almost $8.19M with these wallets in $LINK.
At present, $LINK is changing hands at $22.49. This figure shows a 4.62% dip over the last twenty-four hours. The market data reveals a 21.21% price decline over the last seven days. On the other hand, the well-known crypto token has effectively gained a 45.97% growth over the recent 30 days. Additionally, 24-hour trading volume of the token has reached $984.93M, accounting for a 39.93% decrease. Apart from that, its market capitalization stands at $14.35B.
Crypto Whale’s Move Signals Chainlink’s Rising Momentum
By extracting 362,380 $LINK from Binance, the crypto whale signifies a growing positive momentum surrounding the crypto token. In addition to this, the event also reveals the mounting traction of the overall Chainlink ecosystem. Such positive developments make a notable contribution to the adoption of the platform.
Based on the latest cutting-edge developments made by Chainlink, whales like this one are doubling down on $LINK to capitalize on its likely price surges in the future. Moreover, such accumulations often indicate the strategic positioning by the big investors.
According to Lookonchain, the aforementioned $LINK accumulation by the whale could point toward increasing interest in the crypto token. The market onlookers keep a keen eye on the potential outcomes of this substantial withdrawal. As a result of this, the $LINK token might experience remarkable growth and unlock exclusive opportunities for the crypto investors.
