Whales Bet Big on Storj (STORJ), Chainlink (LINK), and Convex Finance (CVX): Massive $7M+ Accumulation Hints at Impending Price Boom

NerdBot, an on-chain analytics account, recently highlighted some intriguing cryptocurrency withdrawals and accumulations over the past day. These major activities revolve around cryptos such as Storj, Chainlink, and Convex Finance. Let’s delve into these in greater detail

Storj (STORJ)

Over 17 million STORJ tokens worth $7.6 million were withdrawn from centralized exchanges in the last 24 hours. This accounted for 78% of STORJ’s trading volume, indicating strong accumulation.

Two major withdrawals stood out:

  • Whale wallet 0xdf7 withdrew 6.01 million STORJ ($2.72 million)
  • Whale wallet 0xceb withdrew 5.89 million STORJ ($2.66 million)

Upbit remains the largest STORJ holder with 77.5 million tokens, equal to 18.24% of the circulating supply.

Chainlink (LINK)

Fresh wallets have been steadily accumulating LINK over the past 14 days. One wallet (0x19a) bought 112,600 LINK worth $855,000 at an average price of $7.50.

Meanwhile, two top LINK holders bought back significant amounts in the past few hours:

  • Whale 0x362 used 1,136 ETH and 19.9K USDT to buy 244,000 LINK ($1.85 million)
  • Whale 0x8b9 used 999 ETH and 77.8K USDT to buy 213,500 LINK ($1.61 million)

Both are top 50 LINK holders overall.

Convex Finance (CVX)

So-called “smart money” wallets have been buying back CVX, with 491,000 CVX ($1.4 million) flowing into large holders’ wallets in the past 24 hours.

One notable withdrawal was Jump Trading removing 490,000 CVX ($1.36 million) from Binance. This CVX was originally accumulated four months ago at an average price of $3.50.

Overall, these on-chain insights from NerdBot highlight a significant accumulation of STORJ, LINK, and CVX by prominent crypto whales and institutions. The movements could foreshadow upcoming price appreciation for the tokens.

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Julian Joseph Lehmann