Whales, or big investors, have been making significant purchases of $LINK, indicating a potential increase in the price of the cryptocurrency. According to Lookonchain, an online platform that tracks cryptocurrency transactions, 54 new wallets have withdrawn 2.08 million $LINK tokens, worth approximately $30.28 million, from Binance in the past week.
This accumulation of $LINK by whales and institutions suggests that they have a long-term investment strategy in mind. Typically, this strategy involves reducing the available supply in the market, which can drive up the price of the cryptocurrency.
The market is closely watching the activity surrounding $LINK, as it is the token associated with Chainlink, a network that provides real-time data to smart contracts on the blockchain. The actions of whales are closely observed in the crypto world, as they have the potential to influence market trends.
Investors will have to wait and see what the future holds for the price of $LINK. However, the significant investments made by these large investors are certainly worth keeping an eye on.