Suspicious On-Chain Activity Hints at Possible Chainlink Market Manipulation: But Another Major LINK Price Surge Could Be Coming
A recent thread by @lookonchain revealed several large Chainlink (LINK) whale wallets depositing over 8.2 million LINK worth $119 million to Binance on December 13th. The transaction continued a pattern of enormous transfers to Binance every few months since August 2022.
Intriguingly, most deposits occurred around price lows, followed by significant upside price movement. This timing suggests coordinated accumulation ahead of engineered bull runs.
Attempt to Justify Activity
A response tweet by @ChainLinkGod claimed the transfers represent scheduled distribution of node rewards and treasury diversification. However, Lookonchain indicated this account has Chainlink affiliations, doubting the objectivity of the explanation.
This connection raises speculation that Chainlink leadership could be orchestrating intentional manipulation behind the scenes under the guise of routine token releases.
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Show more +If Transfers Continue, Prices Could Follow
As researchers analyze on-chain data, more proof may confirm whether Chainlink has been strategically timing the token movement to ignite bull runs. For now, traders should watch for the transfer patterns to repeat right before any future price spikes.
With the $119 million in deposits already made, it is reasonable to start expecting the price to break out from the consolidation it has been experiencing for a couple of weeks now. The price may begin to rise from here to new levels.
If the suspicious flow of funds to exchanges persists, Chainlink may have enough resources to pump prices drastically higher once again. The previous over 100% this year explosion could be easily dwarfed in 2024 if the orchestrators ramp up their accumulation and coordination. Manipulation or not, traders may have an opportunity to profit.
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