In a notable shift away from Bitcoin, altcoins have garnered the attention of investors, leading to a slight increase in market caps, despite an overall decrease in trading volumes. Among the altcoins, Chainlink (LINK) has emerged as a standout performer, displaying impressive resilience and attracting substantial holders and institutions.
Chainlink Surges, Whales Accumulate Amid Market Shift
Chainlink, known as the leading Oracle network in the blockchain space, has not only outpaced the broader market but has also demonstrated impressive individual performance.
Over the last 24 hours, LINK has experienced a noteworthy surge, with a 6.1% increase in value and a striking 30% rise in the weekly chart. Currently ranked 11th among altcoins, LINK boasts a 24-hour trading volume of $3.31 billion and a market capitalization of $10.21 billion.
LINK price action. Source: Coingecko
📊 #Crypto market caps have edged up +0.5% over the past week, despite trading volumes dropping off -20.3% compared to the week prior. Highlight assets have included $FLR, $RON, $LINK, $TAO, and $RNDR. #Bitcoin continues seeing less attention as eyes turn to pumping #altcoins. pic.twitter.com/jMvJSTdV7c
— Santiment (@santimentfeed) February 5, 2024
According to recent data from Lookonchain, a significant accumulation of LINK by a whale or institution has been observed, as evidenced by the withdrawal of 119,583 LINK (equivalent to $2.15 million) from Binance within the past hour. This strategic move indicates a growing confidence and interest in the long-term potential of the token.
It seems that a whale/institution is accumulating $LINK!
We noticed 4 fresh wallets withdrew a total of 119,583 $LINK($2.15M) from #Binance in the past 1 hour.https://t.co/G09rO9rlwNhttps://t.co/Bby3SaN7cmhttps://t.co/0NowecVP2ahttps://t.co/dVX9K2CNeK pic.twitter.com/KJsY0w7F5W
— Lookonchain (@lookonchain) February 5, 2024
Interestingly, as Bitcoin loses ground, LINK deviates from the prevailing market trend, indicating its unique position in the current market landscape. One major impetus behind the altcoin’s upward movement is the activation of previously dormant wallets that had remained inactive for an extended period.
This sudden resurgence has led to the highest age-consumed spike of 5.38 billion, calculated by multiplying the coins moved by the number of days those coins had been dormant.
The reintegration of LINK tokens into circulation is believed to have…
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