Are Crypto Whales Driving the 35% Chainlink (LINK) Rally?
The post Are Crypto Whales Driving the 35% Chainlink (LINK) Rally? appeared on BitcoinEthereumNews.com.
Chainlink is outperforming the general market with whales pushing prices up 35%. Macroeconomic trends might be weighing deep on Chainlink accumulation and pricing. Over the weekend, Chainlink (LINK) saw its price increase by approximately 35% to trade at $16.7. This increase represents a huge achievement for Chainlink and has left investors wondering whether recent whale activities are driving the surge. Whale Scoop Large Portions of LINK According to on-chain data, large investors, often referred to as crypto whales have been amassing large amounts of LINK recently. This move follows potentially dovish macro indices released in the US this month, as previously reported by Crypto News Flash. Santiment released a chart that shows Chainlink had 554 active whale wallets as of May 3 when the US Fed announced a rate pause. Whale activity on the Chainlink network has been steadily increasing ever since. As of May 17, the number of Chainlink whale wallets surged to 567, coinciding with the latest Consumer Price Index (CPI) data release. This means that, in the last two weeks, an additional 23 whale wallets have been active on the Chainlink network and each of them has bought LINK tokens valued at least $1.5 million. Notably, crypto whales are investors that hold at least 100,000 of any given cryptocurrency. For Chainlink, 100,000 of its tokens are valued at about $1.5 million, according to the current market price. Typically, the increase in whale activities on a blockchain network indicates a bullish signal for two primary reasons. Firstly, a rise in whale involvement shows their confidence in the future potential of the digital asset. Because whales are usually well-informed and have access to advanced analytical tools, their actions can be a reliable predictor of future success. Secondly, the acquisition of large quantities of LINK by recently established whale wallets…
Filed under: News - @ May 20, 2024 6:14 pm