In a surprising turn of events, the cryptocurrency market witnessed a significant surge in the Chainlink (LINK) price today as whales and institutions aggressively accumulated substantial amounts of the token. Spot On Chain reports indicate a series of massive transactions on Binance, suggesting a deliberate effort by a single entity or institution to accumulate LINK.
A staggering 227,350 LINK, valued at $4.12 million and averaging $18.1 per LINK, was withdrawn from Binance across eight fresh wallets. Notably, these wallets exclusively contained LINK tokens, hinting at a focused strategy to accumulate this particular cryptocurrency.
What adds intrigue to this situation is the timing of the withdrawals. Most of the LINK tokens were pulled from the exchange just before the price experienced a sudden 7% jump. Starting the day at $18.15 per token, LINK soared to an impressive $19.42 per token, marking a 35% increase over the past week and setting a bullish tone for today's (Monday) trading session.
LINK aims for top 10
Chainlink, already a heavyweight on the cryptocurrency market with a market value estimated in the billions, witnessed a remarkable addition of $3.5 billion in just one week. The aggressive accumulation by whales and institutions appears to have fueled this parabolic rise in the LINK price.
The strategic move to withdraw substantial amounts of LINK just before the price surge raises questions about the anticipatory skills of these entities and their potential influence on the market. The crypto community is eagerly watching to see how this aggressive accumulation by whales will impact Chainlink's trajectory in the near future.