Smart Money Accumulates Colossal Amounts of LINK Amid Price Dip, What’s Next?

Today’s crypto market landscape birthed a tidal wave of speculations among market enthusiasts globally as it dipped into the negative territory following volatile trading over the holiday week. Notably, amid the price drop witnessed by the global crypto space, a smart money trader seems to have accumulated colossal amounts of LINK from a CEX.

As per on-chain data surfacing within the broader crypto market, the smart money wallet that accumulated LINK today, has previously been recorded making similar such accumulations. Moreover, over the past few days, the same trader appears to have garnered noteworthy profits.

Smart Money Stockpiles LINK

According to the data unveiled by Lookonchain, a platform offering on-chain insights, the trader reportedly amassed 417,834 LINK from Binance, a CEX, over the past two days. The number of LINK coins withdrawn from Binance totaled $6.9 million as of writing.

Remarkably, the trader previously bought 641,386 LINK for an average of $7.4 per coin and later sold it at an average price of $15.1. This aided the trader in garnering a profit worth $4.9 million. Meanwhile, the smart money goes by the wallet address 0x8B947f…05ad8564.

Notably, as the trader also amassed colossal amounts of LINK amid LINK’s price slump today, the accumulation chronicle appears to have further gained noteworthy traction across the broader crypto market. Moreover, as the smart money has previously been noted for amassing significant profits with its crypto holdings, market sentiments orbiting LINK seem jacked up. This further propels a bullish sentiment for LINK among crypto market traders and investors globally.

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LINK Price Tumbles

As of writing, the Chainlink price showcased a substantial drop of 5.51% over the past 24 hours and is currently trading at $15.89. Moreover, the token’s 24-hour trading volume plunged 30.66%, currently at $834.21 million. This drop was further accompanied by a downward surge in the token’s market cap, illustrating a 5.49% plunge, reaching $9.02 billion.

However, with the smart money accumulating LINK despite today’s price low, market sentiments orbiting the token seem fueled with optimism.

Also Read: Bloomberg Analyst Foresees Crypto & Tech Duo To Dominate Global Markets