Chainlink (LINK) whales are on a rampage as there is visible massive accumulation of the token as spotted on-chain. Per data from the crypto analytics platform Lookonchain, as many as 83 different wallets have withdrawn more than 11,097,687 LINK worth $216.4 million from the Binance exchange.
Per the insight from Lookonchain, the Chainlink whale addresses under the radar might belong to a single institution, and this marks a similar trend that has been observed in the LINK ecosystem for the better part of this year.
83 fresh wallets(may belong to the same institution) withdrew a total of 11,097,687 $LINK($216.4M) from #Binance in the past 2 weeks.
Address list:https://t.co/cYgH52rHzxhttps://t.co/JNuXc43l2I pic.twitter.com/u178vVVGiT
— Lookonchain (@lookonchain) February 17, 2024
The Lookonchain data notably validates the more than $129 million stacked up by Chainlink whales over the past 24 hours, according to data from IntoTheBlock (ITB). Chainlink, by its key fundamentals, has been attracting new investors with mega cash flow. The Chainlink protocol occupies a unique spot in today’s Web3 ecosystem with its oracle emerging as the pioneer and the largest.
Regular updates and the introduction of new solutions like the Cross-Chain Interoperability Protocol (CCIP) have further boosted the overall appeal of Chainlink, attracting new money from both retail and institutional investors.
Chainlink price outlook
The ongoing whale accumulation in the Chainlink ecosystem has stirred a rally in the price of LINK as the token has jumped by more than 5.99% in the trailing seven-day period. Notably, LINK has also jumped by more than 20% in the past 30 days.
At the time of writing, however, LINK is changing hands for $19.45 after notably recording a slip in its price after the parabolic run of the past few weeks.
The digital currency is keeping formidable support around the $18.5 price level, and investors may hang onto the prospects around the upgraded staking venture and the ongoing collaborations with key industry partners as a basis to sustain the accumulation of LINK in the near to long term and, as such, drive a parabolic price run.