Chainlink’s market value has surged, overtaking Dogecoin’s market capitalization after a whale went on a buying spree. This whale used 55 different wallets on Binance to accumulate a total of 4.56 million LINK tokens. In just five days, these purchases added up to $83.6 million.
According to data analytics firm Lookonchain, there’s been notable activity from a ‘mysterious whale’ who has been gathering LINK tokens. This whale has accumulated a total of 4,556,684 LINK tokens, worth $83.6 million, over the past five days. They’ve been doing this through 55 new wallets on Binance.
Chainlink Surges in Price and Market Cap
This mysterious whale continues to accumulate $LINK!
And has accumulated a total of 4,556,684 $LINK ($83.6M) from #Binance via 55 fresh wallets in the past 5 days.https://t.co/cYgH52rHzxhttps://t.co/B32QIBNNu2 pic.twitter.com/cP7piTmNaT
— Lookonchain (@lookonchain) February 10, 2024
As a result of a buying spree by large-scale investors and institutions, Chainlink’s price has sharply risen. It started at a low of $14.5 and soared to $20.57, marking a significant 41.8% increase in value.
This surge in price has propelled Chainlink through the ranks in terms of crypto market capitalization. It has now surpassed Dogecoin and is ranked higher. Chainlink’s market cap now stands at over $11.76 billion, while Dogecoin lags slightly behind at $11.5 billion.
Chainlink’s Market Insights from Crypto Analyst Rekt Capital
LINK is trying to reclaim the black-black range, positioning itself for a reclaim of $19.31 as support
Weekly Close just like this and LINK would be able to enjoy trend continuation across the entire range#LINK #Crypto #Chainlink https://t.co/qo1dgVjpjV pic.twitter.com/hMa1U4OOuV
— Rekt Capital (@rektcapital) February 11, 2024
Pseudonymous crypto analyst Rekt Capital shared insights into Chainlink’s market movements, highlighting its attempt to reclaim the black-black range. According to Rekt Capital, LINK is positioning itself to secure $19.31 as support, aiming for trend continuation across the entire range. A weekly close under these conditions would be favorable for LINK’s trajectory.
As of the latest data, LINK was trading at $20, marking a 1.91% increase in the last 24 hours. Conversely, DOGE was experiencing a 2% decrease, trading at $0.80.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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