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

Coingapestaff
December 29, 2023
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
​​Chainlink Price Plunges 5%: How Long Will the Bearish Trend Continue?

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.

Advertisement
Advertisement

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 The number of LINK coins withdrawn from Binance totaled $6.9 million as of writing.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.

Also Read: Uniswap (UNI) Price Rally Can Extend Another 50% to $10

Advertisement
Advertisement

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

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.