Lookonchain, an analytical team that tracks "smart money" wallet transactions, indicates an unusual pattern among the large accounts of LINK tokenholders.
Chainlink (LINK) whales are back to accumulating
According to statistics shared by Lookonchain today, on Dec. 5, 2022, a number of major holders of LINK, the core ERC-20 asset of Chainlink decentralized oracles network, started another phase of accumulation.
1/ Whales are accumulating $LINK recently.— Lookonchain (@lookonchain) December 5, 2022
- A gaint whale (institution) accumulated 14.3M $LINK ($107.6M) from #Binance in the past 2 weeks.
- 0xd51b bought 284,496 $LINK ($2.15M) from #Uniswap on Nov. 30.
- 0xe6a5 bought 66,723 $LINK ($504,427) from #1inch on Nov. 30.
A series of notable purchases by whales has accelerated in the last 14 days. Namely, in the final days of November, whales were accumulating on both centralized and decentralized exchanges.
In an array of transactions, an unknown institution allocated $107,600,000 over 14 days with an average purchase price of $7.2 per coin.
Also, some other large crypto holders purchased over $3 million on Uniswap (UNI) and 1Inch (1INCH), two major decentralized cryptocurrency exchanges.
LINK staking goes live on Dec. 6
Lookonchain experts highlighted that the increased number of whale-driven purchases coincides with a rapid upsurge in LINK's price. The token added over 32% in value in the last two weeks.
To some extent, the interest of whales might be attributed to the upcoming launch of Chainlink (LINK) staking. As covered by U.Today previously, tomorrow, Dec. 6, 2022, Chainlink Staking v0.1 will go live on Ethereum's mainnet.
The opportunity to stake LINK will be a viable alternative to staking in the proof-of-stake (PoS) version of Ethereum, analysts say.