Chainlink (LINK) has been experiencing strong positive price activity for three weeks now and is well ahead of the overall cryptocurrency market. connection Prices have skyrocketed It has risen more than 48% since January 25, surpassing $20 on February 11 for the first time since February 2022.
Amid this price surge that has pushed the cryptocurrency closer to Dogecoin in the market capitalization rankings, on-chain data has shown consistent whale accumulation. One whale in particular has amassed $83.6 million worth of LINK over the past five days.
Chainlink Overtakes Dogecoin in Market Capitalization
Chainlink’s price movements this year are: amazing, current price action shows no intention of slowing down anytime soon. LINK, the token of the decentralized oracle network, recently surpassed Dogecoin to become the 10th largest cryptocurrency by market capitalization.
As of this writing, LINK’s market cap is $11.85 billion, compared to DOGE’s $11.46 billion. The recent surge in LINK’s price and market capitalization appears to have been driven by whales and investors accumulating the token.
According to data from IntoTheBlock, over the past seven days, LINK whales trading above $100,000 totaled more than $1.29 billion.
In particular, total foreign exchange outflows during the same period were much higher than inflows, indicating the current holding sentiment of LINK traders.
According to IntoTheBlock’s exchange metrics, $282.6 million worth of LINK was withdrawn from exchanges over the past seven days, compared to inflows of $154.89 million.
A whale has been stealing massive amounts of LINK from cryptocurrency exchange Binance over the past seven days. Blockchain data analytics platform Lookonchain revealed that over the past five days, 4,556,684 LINK ($83.6 million) was withdrawn from exchanges and placed into 55 new wallets.
Although the outflow went to several wallets, the withdrawal pattern shows that one entity is accumulating it.
What’s next for LINK?
As of this writing, Chainlink is trading at $20.21. Although it is up 9% and 36.13% over the past 7 and 30 days respectively, the price surge appears to be slowing down and the cryptocurrency has since corrected 2% from its yearly high of $20.63 in the last 24 hours.
In a broader sense, the cryptocurrency market is: catch up with profits, As most cryptocurrencies flow into led by bitcoin last week. Dogecoin was not left out of this influx, with its price surging 7.3% from 0.0776 to 0.08327. Dogecoin is currently trading at $0.08046.
LINK’s market capitalization is currently $390 million higher than DOGE’s. increase LINK accumulation by traders Differences between assets may continue to widen.
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