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Chainlink’s recent price movements have been impressive and it appears that whales are playing a major role in its bullish trajectory. Just an hour ago, a whale made a substantial purchase, acquiring 424,443 LINK tokens at a price of $7.67, which is equivalent to a whopping $3.25 million.
This major buy order had an immediate impact on the price of Chainlink, pushing it up. A detailed price analysis reveals that this purchase contributed to a notable price increase, highlighting the influence that large-scale purchase orders can have on the market.
This is not the first time that whales have shown interest in Chainlink. Two major purchases were made not long ago, probably by the same individual or entity. These buyers purchased a total of 788,877 LINK, which was equivalent to an investment of $6 million, at a price of $7.62. To facilitate this purchase, the whale exchanged 3,074 stETH, valued at $5.87 million, and an additional 71 ETH, worth $136,000, for LINK tokens. This massive buy order resulted in a 6.5% increase in Chainlink price.
These large-scale purchases by whales often indicate strong confidence in the future performance of the asset. It is worth noting that since hitting a local bottom, Chainlink has added more than 30% to its value. This impressive rally makes it one of the most prominent players in the cryptocurrency market, especially at a time when many other assets are experiencing volatility.
The whales’ continued interest in Chainlink could be attributed to its unique value proposition in the decentralized finance (DeFi) space. As a decentralized oracle network, Chainlink plays a crucial role in connecting smart contracts with real-world data, ensuring DeFi platforms run smoothly.
