Crypto Whales & Institutions Shift Focus on Chainlink’s LINK

Crypto whales are known to hold markets in bear seasons and propel them in bull seasons. Heavyweight investors have shifted their focus to Chainlink.  According to a market analysis by Lookonchain, whales are buying a lot of $LINK. 

LINK gets whales and institutional attention

According to the on-chain analytics platform Lookonchain, 54 new wallets have withdrawn 2.08 million $LINK tokens from Binance, totaling $30.28 million. Data shows that one whale with the wallet address 0x9dD3f4e077a02CBABc11e31B3E65f3C2e4C249db withdrew a total of $2,028,242.

Seven whales withdrew LINK tokens worth over $1 million. Historically, every time whales or institutions bag huge amounts of a particular crypto coin, it has been a clear sign they expect the price of that crypto to surge.

At the time of this publication, Chainlink (LINK) is worth $14.42. This marks a 1.2% increase in the last 24 hours. In the last 24 hours, Chainlink investors have traded LINK worth $338,466,910.

According to on-chain data from CoinGecko, LINK’s market cap is $8,761,403,356 today, and it is ranked #17 on CoinGecko.

Crypto investors are hopeful that LINK will surge from the whale performance and hopefully regain its ATH. LINK recorded its all-time high price on May 10, 2021 (about 3 years) at $52.70.

On the other hand, LINK’s lo trade stands at $0.1482, which was recorded on Nov 29, 2017. approximately 6 years. 

Data reports show that Chainlink has been preparing for its imminent bull run. Santiment reports that Chainlink “still sits atop the throne as the most developed coin in this sector.” Over the last 30 days, Santiment finds that  Chainlink pioneered Real World Asset  development “with Maker, Oraichain, and Polymesh as notable risers.”

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Also Read: Shiba Inu price eyes higher ground after massive token burn

Florence Muchai

Florence Muchai is an experienced crypto journalist with 4 years experience in Crypto, Blockchain, Web3, NFT and AI. Florence holds a Bachelor's Degree in Disaster Management and International Diplomacy. She also has a Master's Degree in Clinical Psychology. Florence enjoys being a digital nomad and her writings tell value, wealth and in-depth understanding of decentralized and traditional finance.

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