{"id":36022,"date":"2024-02-12T09:52:36","date_gmt":"2024-02-12T13:52:36","guid":{"rendered":"https:\/\/cryptocornercafe.com\/cafe\/?p=36022"},"modified":"2024-02-12T09:52:36","modified_gmt":"2024-02-12T13:52:36","slug":"chainlink-takes-over-dogecoin-in-key-metric-as-mysterious-whale-pushes-link-upwards","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/02\/12\/chainlink-takes-over-dogecoin-in-key-metric-as-mysterious-whale-pushes-link-upwards\/","title":{"rendered":"Chainlink Takes Over Dogecoin In Key Metric As Mysterious Whale Pushes LINK Upwards"},"content":{"rendered":"

Chainlink (LINK) is now experiencing three weeks of robust positive price activity, putting it well ahead of the overall cryptocurrency market. LINK\u2019s price has skyrocketed<\/a> over 48% since January 25, surpassing $20 on February 11 for the first time since February 2022.<\/p>\n

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.<\/p>\n

Chainlink Overtakes Dogecoin In Market Cap<\/h2>\n

Chainlink\u2019s price movement this year has been surprising<\/a>, and current price action shows no intention of slowing down anytime soon. LINK, the decentralized oracle network\u2019s token, recently overtook Dogecoin to become the 10th largest cryptocurrency by market capitalization. <\/p>\n

At the time of writing, LINK\u2019s market cap is $11.85 billion compared to DOGE\u2019s $11.46 billion.\u00a0The recent surge in LINK\u2019s price and market cap seems driven by whales and investors accumulating the token. <\/p>\n

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

Notably, total exchange outflows in the same period have far outweighed inflows, indicating the current holding sentiment from LINK traders.<\/p>\n

IntoTheBlock\u2019s exchange metric shows that $282.6 million worth of LINK was withdrawn from exchanges in the past seven days, compared to an inflow of $154.89 million.\u00a0<\/p>\n

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 Blockchain data analysis platform Lookonchain has revealed that 4,556,684 LINK ($83.6 million) have been withdrawn from the exchange within the past five days and placed in 55 new wallets. <\/p>\n

Although the outflow has gone into multiple wallets, the pattern of withdrawals<\/a> suggests that one entity is carrying out the accumulation.\u00a0<\/p>\n

What\u2019s Next For LINK?<\/h2>\n

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.<\/p>\n

On the broader end, the crypto market seems to be catching up in gains<\/a>, as most cryptocurrencies witnessed inflows led by Bitcoin<\/a> last week. Dogecoin wasn\u2019t excluded from this inflow, with its price spiking 7.3% from 0.0776 to 0.08327. Dogecoin is currently trading at $0.08046.\u00a0<\/p>\n

LINK\u2019s market cap currently stands above DOGE by $390 million. An increase in LINK accumulation by traders<\/a> could continue to widen the difference between the assets.\u00a0<\/p>\n

Chart from Tradingview<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Chainlink (LINK) is now experiencing three weeks of robust positive price activity, putting it well ahead of the overall cryptocurrency market. LINK\u2019s price has skyrocketed<\/a> over 48% since January 25, surpassing $20 on February 11 for the first time since February 2022.<\/p>\n

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.<\/p>\n

Chainlink Overtakes Dogecoin In Market Cap<\/h2>\n

Chainlink\u2019s price movement this year has been surprising<\/a>, and current price action shows no intention of slowing down anytime soon. LINK, the decentralized oracle network\u2019s token, recently overtook Dogecoin to become the 10th largest cryptocurrency by market capitalization. <\/p>\n

At the time of writing, LINK\u2019s market cap is $11.85 billion compared to DOGE\u2019s $11.46 billion.\u00a0The recent surge in LINK\u2019s price and market cap seems driven by whales and investors accumulating the token. <\/p>\n

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

Notably, total exchange outflows in the same period have far outweighed inflows, indicating the current holding sentiment from LINK traders.<\/p>\n

IntoTheBlock\u2019s 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.\u00a0<\/p>\n

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. <\/p>\n

Although the outflow has gone into multiple wallets, the pattern of withdrawals<\/a> suggests that one entity is carrying out the accumulation.\u00a0<\/p>\n

What\u2019s Next For LINK?<\/h2>\n

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.<\/p>\n

On the broader end, the crypto market seems to be catching up in gains<\/a>, as most cryptocurrencies witnessed inflows led by Bitcoin<\/a> last week. Dogecoin wasn\u2019t excluded from this inflow, with its price spiking 7.3% from 0.0776 to 0.08327. Dogecoin is currently trading at $0.08046.\u00a0<\/p>\n

LINK\u2019s market cap currently stands above DOGE by $390 million. An increase in LINK accumulation by traders<\/a> could continue to widen the difference between the assets.\u00a0<\/p>\n

Chart from Tradingview<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-36022","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36022","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=36022"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36022\/revisions"}],"predecessor-version":[{"id":36028,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/36022\/revisions\/36028"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=36022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=36022"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=36022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}