February 6, 2024 at 04:35 AM GST updated: February 6, 2024 at 03:15 AM 2 mins read News
  • Chainlink sees a surge as whales and institutions accumulate $4.12 million worth of LINK in a strategic move.
  • Entities withdraw 227,350 LINK from Binance just before a 7% price jump, prompting speculation about market influence.
  • Chainlink gained $3.5 billion in market value within a week, fueled by aggressive accumulation, setting a bullish tone for its future.

Chainlink (LINK) has become the focal point of attention as whales and institutional players orchestrate a significant surge in its price. Recent reports from Spot On Chain reveal a noteworthy accumulation strategy, with a staggering 227,350 LINK, valued at $4.12 million, being withdrawn from Binance across eight distinct wallets.

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What adds an intriguing layer to this development is the meticulous timing of these withdrawals. The majority of these LINK tokens were pulled from the exchange just before the cryptocurrency experienced a sudden 7% surge in its value. 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. This abrupt and substantial increase sets a bullish tone for the current trading session, leaving the crypto community intrigued by the potential market influence of these strategic moves.

The orchestrated accumulation effort, led by whales and institutions, raises questions about the foresight and anticipatory skills of these entities. The deliberate withdrawal of significant amounts of LINK just before a notable price surge suggests a calculated strategy aimed at maximizing gains. This strategic maneuvering prompts a closer examination of the potential impact these influential players may have on Chainlink’s trajectory in the near future.

As a result of this aggressive accumulation, Chainlink has witnessed a remarkable addition of $3.5 billion in market value within a single week. Already a heavyweight in the cryptocurrency market with a market

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