Whale brings 2.75 million LINK to safety

The crypto-year 2024 has been promising for Chainlink. Now a whale brings nearly 2.75 million LINK to safety. What's going on?

Chainlink (LINK) impressed with a strong change in direction over the past month. The Oracle service provider's coin rose nearly 34 percent. The cryptocurrency currently floats at 17 euro. One reason for the price increase could be accumulation by big whales. At least this assumption is suggested by a look at figures from the analysis service Lookonchain.

The platform has seen multiple transactions from Binance to an unknown wallet in recent days. However, it is not known whether a whale or an institutional investor is behind these. In total, the transfer totaled about 2.75 million LINK with an equivalent value of nearly US$50 million. This suggests that the whale expects prices to rise.

For Chainlink itself, the crypto year 2024 has been very successful so far. The project is slowly reaping the benefits of last year, when, for example, it was able to establish a partnership with SWIFT, the global financial communication system.