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- Following the whale’s purchase, Chainlink experienced a 26% price increase, reaching $25.83, and saw a massive 424.83% surge in trading volume, pushing its market activity to new heights.
- The surge in LINK’s price was accompanied by a significant increase in futures and derivatives market activity, with open interest in LINK futures rising by 54.74%.
A large Chainlink investor, or “whale,” has recently bought over $6 million worth of digital assets, sending the crypto community into a buzz. The substantial accumulation takes place as the price of LINK continues to rally. It has, thus, paved the way for market speculation about further growth potential for the LINK price
Chainlink Whale Buys Over $6 Million LINK
On Tuesday, December 3, the market witnessed the wallet address 0x73d3 from Debank.com accumulating major portions of the LINK tokens. This is going to attract much attention to this whale. The whale managed to buy a total of 269,861 LINK tokens worth $6.68 million. The purchase was split between decentralized and centralized exchanges.
The price of $LINK has surged 36% today!
A whale bought 269,861 $LINK($6.68M) in the past 12 hours.
The whale spent $2.6M to buy 107,838 $LINK at $24.1 on DEX and withdrew 162,024 $LINK($4.08M) from #Binance.https://t.co/Zuxgpk23Sm pic.twitter.com/hNQ65oZkfi
— Lookonchain (@lookonchain) December 3, 2024
The whale spent $2.6 million in 107,838 LINK tokens through a decentralized exchange (DEX) at an average price per token of $24.10. The same entity then bought 162,024 LINK tokens for $4.08 million through a centralized exchange called Binance.
These purchases took place during a period of increased bullish sentiment for Chainlink, which has experienced steady upward momentum over the past few days. Analysts say that such heavy accumulation is a sign of confidence in the asset’s long-term potential, which aligns with broader market trends.
LINK Price & Volume Surge
After the whale’s buy order, LINK saw an impressive intraday price upswing of about 26%, taking it to $25.83 on Tuesday. For further context, the LINK token has moved in a range of a low of $19.02 and a high of $26.50 during the last 24 hours. Moreover, the steep price rise saw an incredible 424.83% volume surge to $9.14 billion, indicating a tremendous buying interest, per the CNF report.
This pushed LINK above its year-to-date high of $22.85, cementing it as one of the top cryptocurrencies in the last few weeks. In addition, futures and derivatives metrics show increased market confidence. According to Coinglass stats, open interest in Chainlink futures contracts surged by 54.74% and has reached $741.15 million. Meanwhile, the volume of derivatives trading jumped by a whopping 219.04, standing at $5.06 billion.
These figures indicate that the spot and derivatives markets are witnessing an increase in activity as investors bet on the continued upward momentum. Market participants view the whale’s large purchase as a bullish signal that contributes to overall optimism.
Meanwhile, Chainlink’s short liquidations soared to $5.48 million, indicating significant buying pressure as traders buy back their positions to limit losses. Furthermore, according to a recent analysis, LINK’s price is expected to mirror the growth of XRP, with a potential increase of 500%. This prediction could be fruitful in the crypto market’s ongoing strong fourth quarter.
On the other hand, the Chainlink network is also becoming the preferred choice in banking and capital markets innovation, reported CNF. Chainlink enables financial institutions to leverage blockchain’s advantages by offering secure and decentralized oracle services, ensuring compliance and transparency.
