The post New whale wallets are accumulating Chainlink (LINK), raising suspicions about their goals appeared on BitcoinEthereumNews.com.

In the past five days, whales have been withdrawing Chainlink (LINK) from Binance and accumulating it in self-custodied wallets. The withdrawals were sent to newly created wallets, with a list of 30 addresses with whale holdings.  Chainlink (LINK) has seen significant withdrawals from Binance, as the funds are sent to a list of 30 newly created wallets. The addresses now hold $34.1M in notional value, or 1.37M LINK. The biggest wallet holds more than 151K LINK, and the smallest withdrawal is for around 5K LINK.  The rationale for the recent withdrawals remains unknown, as LINK is both used for speculative trading and as a utility token. LINK can also be staked for a small passive income. Holding LINK in a self-custodied wallet also allows for DeFi interactions. Some of the LINK whale activity may be targeted at buying price dips and making use of the short-term volatility. However, despite the loyal holding, LINK is yet to break out to its previous peak, still retaining the range-bound pattern of the bear market. Other use cases may include new forms of staking, including liquid staking with additional rewards. Some of the free LINK tokens have been deposited to the Stake.Link priority pool. LINK is no stranger to whale activity, and this accumulation is seen as a potential sign for positive price action. LINK has also seen recent whale activity where one closely watched an address used LINK for short-term trades to realize gains of over $200K.  The whale, known as pleven.eth, uses LINK for buying the dip and selling higher, making use of the token’s deep liquidity. That whale’s approach is to use decentralized services to flip between LINK and USDT, realizing gains for price swings happening within a day or even hours.  The whale activity uses spot trades, while total LINK…

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Filed under: News - @ December 25, 2024 9:16 am