Whale accumulates millions on LINK, token price surges 25%

Cryptocurrency whales were seen accumulating hundreds of thousands of LINK in the last trading day.

According to CoinMarketCap data, Chainlink (LINK) increased by up to 28% from $19 to $24, and trading volume increased meteorically by 932% in just one day.

It performed very well with a market cap of $15 billion, turning its Bitcoin Cash (BCH) and Hedera (HBAR) positions to $10 billion and $14 billion respectively.

In one month, this token has even surpassed Bitcoin (BTC) with a 126% increase, while the world’s largest cryptocurrency has only grown by 40% due to its $100,000 price target yet to be reached.

1-Day LINK price chart, 08 November – 03 December 2024 | Source: crypto.news

According to Lookonchain

“Whale spent $2.6 million to buy 107,838 $LINK on DEX at $24.1 and withdrew 162,024 $LINK ($4.08 million) from #Binance,” X’s post said.

Market sentiment towards this decentralized blockchain oracle network is bullish up to 80%, while the rest are still bearish in future predictions.

LINK price predictions $150

A large number of crypto traders became optimistic after the company behind the token collaborated with financial global systems and institutions, including Swift and Microsoft.

Global Macro Trader (@ProdDesignerSam) in X’s post is one of the traders who believes in LINK’s use case and targets the price up to $150. He noted that this is one of the projects “publicly approved by banks and multi-billion dollar institutions to tokenize trillions in value.”

Chainlink is also known worldwide as the company behind financial asset managers at JPMorgan and UBS. The function is to bridge traditional finance (TradFi) with the digital world and transform assets into blockchain.