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Mystery Whale’s $112M Accumulation Spree

ChainLink


LookOnchain, a blockchain analytics firm, on February 11th revealed something amazing regarding the meteoric surge of Chainlink (LINK). It particularly detailed that there was a significant uptick in $LINK price by about 15% that occurred in tandem with massive accumulation activity that got attributed to an unknown entity referred to as a “whale” within the crypto community.

It was part of a relentless accumulation exercise by the anonymous whale, who bagged a total of 5,587,368 Chainlink tokens within just 6 days. Worth noting is that these buys were carried out through 55 separate addresses on the leading crypto exchange, Binance.

A Strategic Series: Chainlink Whale’s Acquisition Spree

According to the first observations by LookOnchain, the initial accumulations began on February 5. On this day, in total, 4 new wallets, which were created, withdrew the amount as much as 119,583 $LINK in total from Binance – which is priced approximately at $2.15 million. This was the start of a series of tactical moves planned by the cunning whale.

Unfazed by scrutiny, on February 6th, the whale raised its game as it transferred a flurry of activities across the blockchain. Another 47 wallets have turned up, orchestrating a total of 2,237,504 $LINK—worth an unbelievable $42.38 million—withdrawn in just two days.

The crypto world was amazed as the momentum of the whale seemed to have had no signs of respite. A further surge of accumulation activity is reported on the 7th of February by LookOnchain, with a total of 2,745,815 $LINK withdrawn from Binance using 49 newly set-up wallets. Notably, a “Whale”0x2A19” emerged, withdrawing 494,957 $LINK, worth approximately $9 million over ten days.

By yesterday, February 10th, proceeds kept on accumulating with no let-up, deepening the mystery of the whale’s intentions. The whale managed to accumulate 4,556,684 tokens, totaling $83.6 million at that time, sourced from Binance through the 55 new wallets across the network within five days.

However, what implications this will have for the Chainlink ecosystem and what motives exactly lie behind the action of the whale is, at the moment, all speculative, and analysts and investors are very much looking forward to what would be the outcome of this for the broader cryptocurrency market. But what is true within the unfolding of the saga is that these actions of the enigmatic whale keep capturing the interest of the global crypto community.

Related Reading | LINK On Fire: Institutions Bet Big On Chainlink





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