$33 Million LINK Dumped by Chainlink Whales as Price Dips Again, but Community Remains Resilient

Large Chainlink (LINK) whales took profits as prices declined recently, according to on-chain data analytics firm Lookonchain. Specifically, Lookonchain noticed 5 whale wallets dumped a total of 2,268,897 LINK worth $33.8 million over 5 hours, contributing to a ~5% price drop.

Whales Cashing Out Gains

Two of the whales likely belong to the same person and had bought a large amount of LINK on July 20, helping drive a ~6% price surge. They then sold all 1.25 million LINK worth $17.9 million for a profit of ~$8.44 million (~88.8%) just 3 hours ago at $14.31 per LINK.

Another whale known as “0x0fac” deposited nearly 570,000 LINK worth $8.6 million to Binance and sold at an estimated $4.48 million profit. This whale had initially withdrawn the LINK when prices were around $7.2 on September 24.

In addition, a whale accumulated ~11 million LINK worth $80.32 million across 81 wallets in September and October. Recently, they moved 350,000 LINK worth $5.2 million to Binance. Since November 22, this whale has deposited 3.93 million LINK worth $59 million to Binance for an estimated $29 million profit after selling.

Finally, whale “0x67c8” dumped their entire holdings of 95,000 LINK for 641 ETH worth $1.45 million at $15.29 per LINK. This whale originally bought 476,865 LINK at $7.92 on July 20 and July 22, already selling some for profits in August and November. Their total profit is estimated around $2 million.

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Promising Signs for Long-Term Holders

While whales took profits amidst the latest dip, Chainlink’s core long-term holders continue accumulating. As ChainLinkGod noted, over half a billion dollars worth of LINK was staked by the community within 7 hours of a recent protocol upgrade. This shows strong confidence in LINK’s long-term potential. Despite some whales cashing out, Chainlink’s devoted community remains highly educated and engaged in building for the future. For loyal LINK holders, this bodes well for the road ahead.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.