Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards

Chainlink (LINK) is now experiencing three weeks of robust positive price activity, putting it well ahead of the overall cryptocurrency market. LINK’s price has skyrocketed over 48% since January 25, surpassing $20 on February 11 for the first time since February 2022.

Amidst this price surge, which saw the cryptocurrency moving closer to Dogecoin in market cap rankings, on-chain data has revealed a consistent whale accumulation. One whale, in particular, has accumulated $83.6 million worth of LINK in the past five days.

Chainlink’s price movement this year has been surprising, and current price action shows no intention of slowing down anytime soon. LINK, the decentralized oracle network’s token, recently overtook Dogecoin to become the 10th largest cryptocurrency by market capitalization.

At the time of writing, LINK’s market cap is $11.85 billion compared to DOGE’s $11.46 billion. The recent surge in LINK’s price and market cap seems driven by whales and investors accumulating the token.

According to data from IntoTheBlock, LINK whale transactions greater than $100,000 totaled more than $1.29 billion in the past seven days.

Notably, total exchange outflows in the same period have far outweighed inflows, indicating the current holding sentiment from LINK traders.

IntoTheBlock’s exchange metric shows that $282.6 million worth of LINK was withdrawn from exchanges in the past seven days, compared to an inflow of $154.89 million. 

One whale has been scooping up massive amounts of LINK from crypto exchange Binance in the past seven days. Blockchain data analysis platform Lookonchain has revealed that 4,556,684 LINK ($83.6 million) have been withdrawn from the exchange within the past five days and placed in 55 new wallets.

Although the outflow has gone into multiple wallets, the pattern of withdrawals suggests that one entity is carrying out the accumulation. 

At the time of writing, Chainlink is trading at $20.21. Although still up by 9% and 36.13% in the past seven and 30 days, respectively, the price surge seems to be slowing down, and the crypto has since corrected 2% from a yearly high of $20.63 in the past 24 hours.

On the broader end, the crypto market seems to be catching up in gains, as most cryptocurrencies witnessed inflows led by Bitcoin last week. Dogecoin wasn’t excluded from this inflow, with its price spiking 7.3% from 0.0776 to 0.08327. Dogecoin is currently trading at $0.08046. 

LINK’s market cap currently stands above DOGE by $390 million. An increase in LINK accumulation by traders could continue to widen the difference between the assets. 

Chart from Tradingview