The value of LINK has seen a minor drop, slipping below the $13 mark after a notable sell-off conducted by a whale investor just hours ago.
According to Spotonchain reports, the whale, identified by the address 0x9ed, shed 155,264 $LINK, converting it into $2.24 million worth of $ETH and $USDT in recent hours.
🚨 Whale 0x9ed dumped 155,264 $LINK for $2.24M worth of $ETH and $USDT in the past 3 hours.
The whale used to earn $836K from this first trade between Oct 28 and Nov 9, 2023, but is now losing $697K from the current one (pic 👇).
Note that the whale still holds 309K $LINK… pic.twitter.com/ObKXhbcLLD
— Spot On Chain (@spotonchain) December 16, 2023
Between Oct 28 and Nov 9, 2023, the whale had amassed earnings of $836K from the initial trade. However, the latest transaction resulted in a loss of $697K for the investor.
Despite this setback, the report suggests that the whale still holds 309K $LINK ($4.4M) in their address and Aave, hinting at potential additional $LINK sales in the future.
8.2M $LINK Deposit On Binance
In a related update shared on X (previously Twitter), Lookonchain revealed that wallets representing Chainlink Noncirculating Supply deposited 8.2M $LINK ($119M) to Binance six hours ago.
Chainlink Noncirculating Supply wallets deposited 8.2M $LINK($119M) to #Binance again 6 hrs ago.
The wallets deposited $LINK to #Binance every 3 months since Aug 26, 2022.
Interestingly, most of the time the deposit is at the bottom of the price and the price rises after that. pic.twitter.com/HAmQqi49wh
— Lookonchain (@lookonchain) December 16, 2023
These wallets have consistently made $LINK deposits to Binance every three months since Aug 26, 2022. Remarkably, these deposits tend to coincide with periods of lower prices, with subsequent increases following these actions.
As of the current moment, the LINK token is undergoing a modest decline and is presently trading within the $14 price level.
The cryptocurrency market remains under the influence of significant whale transactions, and LINK investors are vigilantly observing the situation, eager to see how the market will react to the recent substantial sell-off.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.