More whales have started accumulating Chainlink (LINK), a trend that coincides with a bullish uptick in the price of the token.
The major drawdown in the market is gradually wearing off with the majority of altcoins, including LINK recouping some of their lost values since the start of the month. For LINK, the token is trading at $20.18 with a relative price surge of 0.6% in 24 hours.
Chainlink currently boasts a market cap of $11,847,469,369 amid the price surge. Its trading volume has surged 24% in 24 hours to $797,371,569, showcasing the brighter shift in momentum for the asset.
Whale Influence on LINK
According to data from crypto analytics platform Lookonchain, the price of LINK has jumped by approximately 15% since a “mysterious whale” started accumulating the token.
As of Feb. 11, the whale has stacked up 5,587,368 LINK worth approximately $112 million from Binance. As pointed out, the whale accumulated the LINK through 55 addresses over a period of 6 days.
The price of $LINK has increased by ~15% since $LINK was first accumulated by this mysterious whale.
And the whale has accumulated 5,587,368 $LINK ($112M) from #Binance via 55 addresses in the past 6 days.https://t.co/ds8Ghx6eyu pic.twitter.com/rqKjfwk95V
— Lookonchain (@lookonchain) February 11, 2024
Besides this whale, larger LINK accumulations have been spotted with one withdrawing 495,057 LINK valued at $7.5 million from Binance on Jan. 28, Feb. 2, and Feb. 7 at an average price of $15.12.
These individual LINK accumulations do not outright depict the trends in the broader Chainlink ecosystem. Data from IntoTheBlock pegs the total whale accumulation in the past 24 hours at $176.98 million, a figure up by 13.44%.
The whale accumulations underscore a strong belief in the protocol, a trend which if sustained might trigger a massive upshoot in the price of the Oracle provider.
The Chainlink Luster Showcased
Chainlink makes an integral part of many Web3 systems as it serves as the dominant oracle provider, making LINK a token with massive utility.
The Chainlink protocol has been upgrading its system in different ways in a bid to better serve its clients. One of the ways it is updating its system is the Chainlink Staking update it implemented last year.
With the update, Chainlink is now more decentralized, as it is open for more community participation with an enhanced reward scheme. This, coupled with the broader bullish market sentiment, accounts for its growing price resurgence today.
