When you hear the word “whale,” you probably quickly think of large swimming mammals or large Bitcoin (BTC) investors. This is because altcoin whales receive much less attention. But that doesn’t mean they don’t exist, on the contrary. It now appears that deep pockets have been moving large amounts of Chainlink (LINK) over the past few days.
Crypto whales are taking a big hit on Chainlink (LINK).
This is what the blockchain analysis service Lookonchain writes on the social media platform. Afterwards, it created 55 new hardware wallets and moved the coins to these addresses. According to the accompanying table, each address now has between 8,587 and 193,000 LINK, valued at between $157,000 and $3.5 million.
The merchant started sending the coins to these wallets last Monday. Surprisingly, there is nothing in the wallets except LINK tokens, which is why the owner created them specifically for this token. Lookonchain assumes there is only one investor, but that can never be said for sure. In this case, it is also not clear who owns the wallets and when exactly the retailer bought them.
CHainlink’s price is remarkably strong
Still, this activity could explain why Chainlink price has risen by around 41% against the US dollar since the end of last month. During this time, most cryptocurrencies experienced a significant bottom, but LINK has since risen much faster than many other coins and even stronger than many altcoins. Even on a day when the rest of the market was struggling, LINK rose 5%.
It’s also noticeable that the price increases quite a bit when you zoom out a little further. Many altcoins still have a long way to go before they get close to their all-time high, but for Chainlink it is still “only” 190% from the current price.
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