A significant investor has entered the Chainlink ($LINK) market, making waves with a massive position.
Wallet address 0x924…a2BB0 recently withdrew $9.63 million worth of LINK from Binance, with the purchase made at an average price of $24.68 per token just nine hours ago. This marks the first time the address has invested in LINK, and its total asset value now stands at an impressive $30.98 million.
On the flip side, a long-time $LINK holder appears to be cashing out. A wallet believed to belong to an OG investor who started accumulating LINK seven years ago has shown activity suggesting a potential sell-off. This address initially acquired LINK at a rock-bottom cost of $0.3283, building up a substantial position of 9.81 million tokens between March 2018 and June 2019.
From this stash, 520,000 LINK were moved to the current distribution address through multiple transfers. Just five hours ago, the same wallet sent an additional 140,000 LINK to Binance.
If this amount is sold, the investor stands to make a staggering $3.52 million profit at current prices, achieving a jaw-dropping return of 7,655%.
The contrasting strategies of these two investors highlight the shifting dynamics within the LINK market, with new players entering while early adopters may be locking in substantial profits. All eyes remain on these wallets to see how their movements impact LINK’s price trajectory.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.