Chainlink (LINK) Price Skyrockets Amid Mysterious $83.6 Million Accumulation

Sun, 11/02/2024 – 12:58

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Chainlink (LINK) has surged in value as a mysterious whale continues their aggressive accumulation of the cryptocurrency, amassing a staggering $83.6 million worth of LINK tokens over the past five days. This whale has utilized 55 fresh wallets on major exchange Binance to accumulate a total of 4.56 million LINK, as reported by Lookonchain.

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This accumulation follows a pattern of unusual activity surrounding Chainlink. Just last week, U.Today reported about new unknown wallets that withdrew over 2.2 million LINK, valued at $42.4 million, from the largest crypto exchange. Additionally, eight fresh wallets withdrew 227,350 LINK, worth $4.12 million, just before a significant price surge.

What’s particularly intriguing is the timing of these withdrawals, which coincided with notable price increases for Chainlink. The cryptocurrency, already boasting a substantial market value, has experienced a remarkable $3.1 billion addition since the start of February.

Chainlink (LINK) price outlook

This aggressive accumulation by both whales and institutions appears to have fueled a parabolic rise in LINK’s price.

LINK to USD by CoinMarketCap

From a low of $14.5, the price of Chainlink surged to $20.57, marking a remarkable 41.8% increase. This surge underscores the influence that large-scale accumulation can have on cryptocurrency markets, with Chainlink emerging as a prominent beneficiary.

The mysterious activities surrounding the accumulation of LINK and its subsequent price surge have captivated investors and analysts, sparking speculation about the future trajectory of the token’s price amid these large-scale transactions.

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