Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards
12 February 2024 - 8:30PM
NEWSBTC
Chainlink (LINK) is now experiencing three weeks of robust positive
price activity, putting it well ahead of the overall cryptocurrency
market. LINK’s price has skyrocketed over 48% since January 25,
surpassing $20 on February 11 for the first time since February
2022. Related Reading: Chainlink Breeds New Whales As $49.9 Million
Accumulation Spree Cause Prices To Surge Amidst this price surge,
which saw the cryptocurrency moving closer to Dogecoin in market
cap rankings, on-chain data has revealed a consistent whale
accumulation. One whale, in particular, has accumulated $83.6
million worth of LINK in the past five days. Chainlink Overtakes
Dogecoin In Market Cap Chainlink’s price movement this year has
been surprising, and current price action shows no intention of
slowing down anytime soon. LINK, the decentralized oracle network’s
token, recently overtook Dogecoin to become the 10th largest
cryptocurrency by market capitalization. At the time of writing,
LINK’s market cap is $11.85 billion compared to DOGE’s $11.46
billion. The recent surge in LINK’s price and market cap seems
driven by whales and investors accumulating the token. According to
data from IntoTheBlock, LINK whale transactions greater than
$100,000 totaled more than $1.29 billion in the past seven days.
Notably, total exchange outflows in the same period have far
outweighed inflows, indicating the current holding sentiment from
LINK traders. IntoTheBlock’s exchange metric shows that $282.6
million worth of LINK was withdrawn from exchanges in the past
seven days, compared to an inflow of $154.89 million. One
whale has been scooping up massive amounts of LINK from crypto
exchange Binance in the past seven days. Blockchain data analysis
platform Lookonchain has revealed that 4,556,684 LINK ($83.6
million) have been withdrawn from the exchange within the past five
days and placed in 55 new wallets. Although the outflow has gone
into multiple wallets, the pattern of withdrawals suggests that one
entity is carrying out the accumulation. What’s Next For
LINK? At the time of writing, Chainlink is trading at $20.21.
Although still up by 9% and 36.13% in the past seven and 30 days,
respectively, the price surge seems to be slowing down, and the
crypto has since corrected 2% from a yearly high of $20.63 in the
past 24 hours. On the broader end, the crypto market seems to be
catching up in gains, as most cryptocurrencies witnessed inflows
led by Bitcoin last week. Dogecoin wasn’t excluded from this
inflow, with its price spiking 7.3% from 0.0776 to 0.08327.
Dogecoin is currently trading at $0.08046. Related Reading:
Chainlink Appetite: Whale Scoops Up $84 Million Worth Of LINK, And
Counting – Details LINK’s market cap currently stands above DOGE by
$390 million. An increase in LINK accumulation by traders could
continue to widen the difference between the assets. Chart
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