Fresh Whales Are Accumulating Chainlink (LINK) and This Altcoin

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 That particular address has withdrawn nearly 385,000 LINK, totaling around $5.8 million, from Binance in the past 10 days.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.

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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.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

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