- 81 fresh wallets created on Binance exchanges embarked on a LINK withdrawal spree.
- The new wallets withdrew 4.7 million LINK, equivalent to $31.58 million over a few days.
- Lookonchain suspected an ongoing whale accumulation upon noticing the unusual withdrawals.
According to Lookonchain, the smartmoney on-chain analytics platform, 81 newly-created wallets on the Binance exchange embarked on a LINK withdrawal spree from September 18, 2023. At the time of Lookonchain’s post on the X app, the wallets had withdrawn 4.7 million LINK, equivalent to $31.58 million from the Binance exchange.
On September 19, Lookonchain suspected an ongoing whale accumulation after noticing unusual LINK token withdrawals by approximately 35 newly created wallets on Binance. As of the original post, only 755,687 LINK, worth $5.08 million, had been withdrawn by the newly created wallets. Both the quantity of LINK, and the number of wallets involved, rapidly grew in the following days to reach the more recent figure of 4.7 million LINK and 81 wallets.
A Google document attached to Lookonchain’s post provided details of the newly created wallets, the number of LINK tokens they withdrew, and the corresponding value in US dollars. The most significant whale among them pulled 280,567.67 LINK, worth $1,882,609.07, out of Binance. Altogether, four whales withdrew more than 200,000 LINK tokens from the Binance exchange within the observed time frame.
Seven newly created wallets withdrew between 100,000 and 199,999 LINK, while the remaining wallets withdrew below 99,000 LINK tokens. Notably, none of the wallets made withdrawals less than 5,000 LINK.
LINK is the native cryptocurrency of Chainlink, a blockchain abstraction layer that enables universally connected smart contracts. Between September 15 and September 19, LINK rose from $6.15 to $7.04, gaining 14.54%. The price retraced to $6.59 but has since resumed its movement in the upward direction.
Data from TradingView shows LINK to be trading for $6.75 as of the time of writing, with a developing bullish candle on the daily chart.
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