Crypto Whale Goes on Major Chainlink (LINK) Buying Spree

A crypto whale has accumulated a substantial amount of Chainlink (LINK), purchasing 312,901 LINK valued at approximately $3.81 million over the past eight hours, according to a report by on-chain analytics provider Lookonchain. 

The average purchase price of these LINK tokens was $12.17, which is close to where the token is trading right now on major exchanges.  

This activity comes at a time when Chainlink's price shows a 24-hour range between $11.76 and $12.50, according to CoinGecko. Chainlink currently stands with a market cap of roughly $6.89 billion, a 24-hour trading volume of $729.95 million

Strategic trades

This investor, referred to as "smart money," has a history of lucrative dealings in the crypto space, boasting a total profit of over $3.9 million from trades involving 10 different tokens.

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Their previous successful trades include making around $2.15 million from Rollbit (RLB) and approximately $1.8 million from Flexacoin (FLEX). 

LINK transfers stir market attention

In related news, the crypto community is buzzing about a significant Chainlink transfer tracked by Whale Alert. An enormous amount of 3.8 million LINK, worth about $46 million, was transferred between unknown wallets. 

This transaction, documented on the Ethereum blockchain, has garnered attention, with market participants speculating about potential market impacts.

Large-scale transfers like these are often monitored closely as they can precede market-moving events, such as large sell orders or liquidity provisions.