Crypto News

Chainlink’s LINK Sees Price Slowdown Despite Recent Whale Activity

Chainlink’s native token, LINK, which demonstrated strong performance earlier this year, is currently experiencing a deceleration in its price momentum, with the cryptocurrency trading around $14.25.

Over the past week, Chainlink (LINK) has witnessed a significant decline of -22%, followed by a monthly decrease of -25%. 

Despite this, the price of $LINK only dipped slightly by 5% today. 

Notably, amidst this price action, a prominent whale identified as 0x3c9…8f757 injected 100,000 LINK and 1,000 ETH into Binance, totaling approximately $4.7 million.

Whale On Massive Profit After Holding LINK For A While

This move by the whale follows a strategic accumulation strategy that began earlier this year. In February, the whale amassed a position of 525,000 LINK at an average price of $12.78. 

Since April, the whale has been actively transferring LINK to Binance, totaling 340,000 LINK with a combined value of $4.86 million, acquired at an average price of $14.3. 

Should the whale decide to liquidate these holdings, it stands to make a profit of $510,000.

Despite the recent decline in price, the whale’s continued activity suggests confidence in the long-term prospects of LINK. This injection of funds into Binance may indicate a strategic move to capitalize on potential future price movements or to reinforce their position in the market.

The slowdown in LINK’s price momentum highlights the current market sentiment surrounding the cryptocurrency. However, the whale’s actions underscore the ongoing interest and activity within the Chainlink ecosystem, signaling potential opportunities for investors in the future.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.

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Image Source: iuriimotov/123RF // Image Effects by Colorcinch

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