There has been a remarkable development in the altcoin market recently. A mysterious whale or institutional investor is accumulating a significant amount of Chainlink (LINK) tokens. Could this indicate an increase in LINK price? In this article, we will examine this investment and expert opinions about the future of Chainlink.
Are whales accumulating altcoin Chainlink?
According to the tweet of the Lookonchain platform, there is activity in the cryptocurrency market. The tweet states that a mysterious whale or institutional investor has accumulated a significant amount of Chainlink (LINK) tokens. Since June 24, the investor in question has withdrawn 12.75 million LINK tokens (approximately $167 million) from the Binance exchange using a total of 93 different new crypto wallets. This indicates an effort to hide the investor’s identity. According to the information available in the market, each crypto wallet contains an average of LINK tokens ranging from $230,000 to $3.5 million. This shows that the investor has allocated a large amount of funds.
Chainlink price has been on the rise recently. LINK price increased by 40% in the last month and reached its 22-month peak. It is thought that behind this rise is the intense interest of whales and institutional investors. The data provided by Lookonchain reveals the investor’s trust in the Chainlink ecosystem. As we reported as Kriptokoin.com, Chainlink is a decentralized oracle network that allows smart contracts to securely access real-world data.
What is the latest situation in LINK price?
Chainlink, which is down 15% for the month, is among the few altcoins showing the slowest recovery in the market. Although the token price rose slightly today, the last few days have been quite slow, especially after the crypto market crash. But this crash wasn’t the only thing limiting LINK price growth, as the token failed to come close to its best-performing days in the past three years. Chainlink’s price was last on the rise in May 2021, reaching an all-time high of $52.88 before falling.
The altcoin also attempted to rise that same year, but the maximum it could rise was $48.84. But since then the peaks have been low and short-lived. This year’s rise, even March, could not raise the LINK price. At the beginning of the week, famous crypto analyst Ali Charts drew investors’ attention to the increasing whale interaction on the Chainlink token.At the same time, Chainlink price saw a decline to $12.07 and then rose again to $13.47, indicating a pullback from both bears and bulls. Not only that, the next few days also witnessed similar ups and downs due to high selling pressure in the market.
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