Fresh Whales Are Accumulating Chainlink (LINK) and This Altcoin

December 27, 2023

Chainlink Price Surges Again as Whale Spends Another $3.25M on LINK

On-chain analytics provider Lookonchain flagged some large transactions recently involving Ethereum bluechip tokens Maker (MKR) and Chainlink (LINK).

Specifically, Lookonchain detected a wallet with no prior transaction history withdrawing over 3,150 MKR worth $4.55 million from Binance in the past 20 minutes.

Additionally, another fresh wallet not traced to previous blockchain activity pulled over 136,000 LINK worth $2.05 million from the exchange in the past 10 minutes. That particular address has withdrawn nearly 385,000 LINK, totaling around $5.8 million, from Binance in the past 10 days.

Whale accumulation from new wallets or large transfers toward cold storage typically indicates conviction in a project’s long-term potential.

As leading DeFi tokens associated with Ethereum’s growth trajectory, Maker and Chainlink often garner interest early in market cycles from investors with a bullish multi-year outlook. The blockchain activity spotted illustrates savvy crypto participants positioning for expected adoption waves as Ethereum evolves.

Celebrate Dogecoin and Make Big Gains with Doge2014!

Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!

Show more +

While it is difficult to pinpoint the exact reasoning, the on-chain transfers likely represent anticipation regarding improved crypto conditions overall in 2023. Scalability improvements for Ethereum and progress toward institutional involvement may also motivate accumulation of foundational tokens like MKR and LINK.

Regardless of motives, the transfers signal whales feel confident allocating toward Ethereum’s core decentralized finance and Oracle solutions at a time when adoption looks poised to accelerate greatly. Their blockchain activity reflects their conviction that Maker and Chainlink’s best days likely still lie ahead.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Visit eToro Now

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.