According to the on-chain smart money analysis platform Lookonchain, an unidentified whale is accumulating LINK, the native cryptocurrency of the Chainlink ecosystem. In a recent post on platform X, Lookonchain shared data showing some of the latest transactions by the anonymous whale.
Mystery Whale Activities Uncovered by Lookonchain
Lookonchain discovered that the whale has withdrawn $83.6 million worth of 4,556,684 LINK through 55 new wallets over the last five days. Previous shares by Lookonchain had disclosed similar transactions by unknown whales and institutions. However, the platform did not specify whether it was the same whale or not.
On February 7th, Lookonchain exposed two mysterious whales withdrawing LINK tokens from Binance. The first whale withdrew 2,745,815 LINK worth $49.9 million through 49 new wallets, while the second whale withdrew 494,957 LINK worth $9 million over ten days. The day before, Lookonchain reported that 47 new wallets had withdrawn 2,237,504 LINK worth $42.38 million from Binance.
LINK Surpasses $18! Signs Point to Continued Rise
The cryptocurrency LINK continued its upward movement in the last week of January after moving sideways for about three months. The blockchain token has initiated a new phase in its upward trend by breaking above $18 for the first time in nearly two years.
With on-chain activities indicating increased whale accumulation, many users expect LINK to rise further shortly. This is because most whales and institutional investors prefer to keep their digital assets off exchanges and trading platforms when they intend to hold them for a long time.
As of now, according to data from TradingView, LINK is trading at $18.4, and the chart formation suggests a potential rise in momentum. Chainlink is currently ranked 12th in value in the fast-paced world of cryptocurrencies. With a market value of $10.7 billion, LINK still has room to grow considering its all-time high of $52.88.
