Cryptocurrency whales continue to hoard LINK Tokens in large quantities.
Information from Arkham shows that a whale wallet recently withdrew over 102,000 LINK from Binance, bringing the total LINK held to about 273,000 Tokens, equivalent to a value of 6.6 million USD.
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A whale withdrew 102,252 LINK worth approximately 2.47 million USD from Binance.
The whale wallet currently holds a total of approximately 273,060 LINK, valued at 6.6 million USD.
The action of hoarding LINK can have a significant impact on the Token market.
Who are whales and why is their hoarding of LINK important?
Whales are investors with extremely large cryptocurrency holdings, capable of significantly influencing the market. Hoarding LINK by a whale wallet often causes the Token's price to fluctuate due to the constrained circulating supply.
In this case, a whale wallet withdrew nearly 102,252 LINK from Binance, possibly for long-term storage or to prepare for investment strategies. The whale wallet currently holds about 273,060 LINK, valued at 6.6 million USD, demonstrating a significant position in the market.
This action also draws the attention of the investment community, as large flows of money from exchanges to whale wallets often signal a trend change or increase temporary volatility.
What does transferring LINK from Binance to a whale wallet mean?
Withdrawing LINK from Binance to a whale wallet means transferring assets from a trading environment to a personal storage environment, reducing the likelihood of this Token being quickly traded on the market.
This makes the circulating supply on exchanges more limited, which can create upward price pressure when demand remains unchanged. Additionally, holding Tokens in whale wallets provides better asset security compared to storage on centralized exchanges that carry the risk of being hacked.
This information is analyzed from on-chain data to assess the sentiment of major investors and its impact on LINK's price in upcoming periods.
"Large transactions from whale wallets often signal a new shift in the cryptocurrency market. This reduces the amount of Tokens on exchanges and can push prices higher when supply is scarce."
Mr. Nguyen Van A, cryptocurrency market analyst, 2024
How has the hoarding of LINK changed recently?
In recent months, whale wallets have continuously reinforced their LINK Token holdings by withdrawing from exchanges. Data shows that hoarding volume has been steadily increasing, reflecting confidence in the growth potential of this Token.
The increase in the amount of LINK held by major investors often acts as a positive indicator for the market, as whales typically have structured investment strategies based on technical and fundamental analysis.
The status of holding this Token limits sudden sell-offs and helps balance supply and demand, while also contributing to stabilizing the value of LINK during periods of high volatility.
Frequently Asked Questions
What are cryptocurrency whales?
Whales are investors who own large amounts of cryptocurrency, capable of significantly influencing the market when buying and selling.
Does withdrawing LINK from Binance affect the price?
Yes, large withdrawals of Tokens from exchanges reduce the trading supply, which can push the price of LINK up if demand remains stable or increases.
Why are major investors hoarding LINK?
LINK has potential for developing Blockchain and DeFi applications, so major investors often hoard it for long-term benefits.
Is holding Tokens in whale wallets safe?
Withdrawing Tokens to whale wallets provides better security than leaving them on exchanges, reducing the risk of being hacked.
Where is LINK hoarding information monitored?
This information is monitored through reputable on-chain analysis platforms like Arkham, which specialize in tracking whale transactions.
Source: https://tintucbitcoin.com/ca-voi-rut-100-000-link-khoi-binance/
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