Chainlink (LINK), one of the largest cryptocurrencies by market cap, has begun the week on a positive note, jumping by over 4% after whales accumulated substantial amounts over the past week. This update has triggered a wave of positive sentiment surrounding the coin, as investors open new positions ahead of a potential surge.
While the majority of the tokens in the market are currently trading in the red zone, LINK has defied the trend, positioning itself as the top gainer among the list of the top 20 largest cryptocurrencies in the market. Additionally, on-chain data has raised optimism among investors on the coin’s future price trajectory.
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Whales Accumulate Over 6 Million LINK
Ali Martinez, a crypto investor and analyst, drew our attention to the development in a recent post on X (formerly Twitter). According to the data provided, large investors have accumulated staggering amounts of LINK, up to the tune of 6.2 million coins, amounting to $76.88 million. This signifies that while the price of the coin was undergoing corrections in the previous weeks, whales were busy buying the dip, positioning themselves for a price surge to cash in on maximum gains.
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Source: Ali Martinez/X
Know that in the past seven days, the price of LINK has declined by 6.8%, falling as low as $11.2 per coin. When large-scale investors accumulate tokens in volume, it is usually interpreted as increased confidence in the project, and this can catalyze a wider buy across the corresponding crypto market.
Moreover, in recent data shared by Santiment, a market intelligence platform, LINK has a 30-day MVRV (Market Value to Realized Value) of 11%. To understand it better, this metric is used to measure the ratio between the market value of a digital asset and its realized value. It is used to provide detailed buying and selling behavioral patterns of investors in the market. Notably, the lower the MVRV, the lesser risk there is in purchasing the asset for the short term.
LINK Price Movement Today
Amid the increasing whale activities, the price of LINK has gained momentum today, July 8. According to data from Coinstats, the price of Chainlink (LINK) has jumped by 4.95% to $13.45 in the last 24 hours. Additionally, its trading volume over the last day has skyrocketed by 56.10% to $391.8 million. Consequently, LINK now occupies the 15th largest cryptocurrency spot with a live market cap of $8.19 billion.
Source: Coinstats
Also, over the last day, LINK has traded between the range of $11.86 – $13.51, with its current price representing a 74.6% decline from its all-time high of $52.70 attained during the bull market in May 2021. Lastly, Chainlink’s Futures Open Interest (OI) and derivative volume have grown significantly. According to Coinglass data, the OI and derivative volume have spiked by 5.60% and 56.7% respectively.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.