A mysterious cryptocurrency whale or entity appears to have gobbled up a massive amount of the native assets of decentralized oracle network Chainlink (LINK), according to blockchain tracking firm Lookonchain.
Look on chain note Over two days, a total of 47 new wallets withdrew 2,237,504 LINK worth $42.38 million from Binance, the leading cryptocurrency exchange.
LINK is trading at $18.21 at the time of this writing. The 13th-largest cryptocurrency asset by market capitalization is down more than 5% in the last 24 hours, but is up nearly 15% in the past week and more than 39% in the past month.
Cryptocurrency analytics firm Santiment noted earlier this month that Chainlink’s recent rally could continue despite a sudden drop in LINK wallets. The company said a sharp drop in wallets usually signals a market capitulation due to fear, uncertainty and doubt (FUD), which could indicate that prices could soon surge.
“Chainlink jumped ahead of the altcoin pack after some previously dormant wallets generated the highest age spend spike (5.38 billion, calculated by multiplying the number of coins moved by the number of days those coins were dormant). This influx of LINK into network circulation likely contributed to the price surge.
There have also been minor liquidations of wallets on the network, which is often a sign of FUD that can contribute to price increases.”
Despite LINK’s recent price rally, it remains more than 65% below its all-time high of $52.70 hit in May 2021, according to CoinGecko.
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