It looks like big investors, also known as whales, are buying a lot of $LINK. Over the past week, 54 new wallets took out 2.08 million $LINK tokens from Binance. The value of these Chainlink tokens is about $30.28 million.
It seems that whales/institutions are accumulating $LINK!We noticed that 54 fresh wallets withdrew 2.08M $LINK($30.28M) from #Binance in the past 7 days.https://t.co/SkqA1r0F1N pic.twitter.com/VkPt0kwPb4
— Lookonchain (@lookonchain) July 2, 2024
Large Chainlink ($LINK) Purchases Hint at Price Increase
This information came from Lookonchain which is an online platform that monitors transactions in cryptocurrencies. For instance, whenever whales or institutions start to purchase a large amount of a particular cryptocurrency, it is a clear indication they expect the price of that cryptocurrency to increase.
To observe so much $LINK being withdrawn from Binance can make one think that these investors intend to hold the tokens for some time. This is typically a plan that is employed in a bid to decrease the stock available on the market since this will act as leverage to increase the price.
Market Eyes $LINK Amid Whale Activity
$LINK is the token associated with Chainlink, a network that delivers live data feed into smart contracts on the blockchain. It is because many people in the crypto world observe the activities of whales as they are capable of shifting the trend of the market.
For now, investors have no other option but wait and see what the future holds for $LINK’s price. Still, the fact that a majority of these large investors is investing undeniably remains an interesting point to watch.