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Whales Accumulate $120 Million in LINK Amid Price Correction
Large holders of Chainlink (LINK) have purchased approximately 10.36 million tokens, valued at around $120 million, following a 17% price correction that saw LINK drop from about $13 to the $11.50 range. This buying activity occurred as retail traders reacted to the price decline, indicating a strong conviction among major investors in the cryptocurrency's future.
Despite the overall accumulation, not all whale activity was aligned. One significant wallet transferred 2.41 million LINK, worth about $26 million, to Coinbase, suggesting potential selling intentions. This transfer represents a quarter of the total LINK acquired by whales during the same period, highlighting a mixed sentiment among large holders.
Chainlink's network recently achieved a milestone of $30 trillion in cumulative transaction value, with a notable 260% increase in transaction volume on its Cross-Chain Interoperability Protocol (CCIP) in recent weeks. Institutional interest remains robust, as evidenced by inflows into the Grayscale GLNK ETF and Bitwise, indicating that larger, regulated players continue to engage with LINK despite recent price fluctuations.
Source: KLEA News