Large-scale holders of Chainlink (LINK) cryptocurrency are increasing their balances, Lookonchain data says
LookOnChain, an analytical team that tracks “smart money” wallet transactions, indicated an unusual pattern among large accounts of LINK token holders.
Chainlink (LINK) whales are back to accumulating
According to statistics shared by Lookonchain today, on Dec. 5, 2022, a number of major holders of LINK, the core ERC-20 asset of Chainlink decentralized oracles network, started another phase of accumulation.
The last 14 days have seen a significant buying spree by whales. Namely, in the last days of November, whales were accumulating on both centralized and decentralized exchanges.
In an array of transactions, an unknown institution allocated $107,600,000 over 14 days with an average purchase price of $7.2 per coin.
In addition, some other large crypto holders bought more than $3 million each on Uniswap (UNI) and 1Inch (1INCH), two leading decentralized cryptocurrency exchanges.
LINK staking goes live on Dec. 6
Lookonchain experts highlighted that the increased number of whale-driven purchases coincides with a rapid upsurge in LINK’s price. The token added over 32% in value in the last two weeks.
To some extent, the interest of whales can be attributed to the upcoming launch of Chainlink (LINK). As previously covered by U.Today, tomorrow, December 6th, 2022, Chainlink staking v0.1 will go live on Ethereum’s mainnet.
The opportunity to stake LINK will be a viable alternative to staking in the proof-of-stake (PoS) version of Ethereum, analysts say.
