An investor dubbed as 'smart money' has notably increased their holdings in Chainlink (LINK)

A crypto whale has accumulated a substantial amount of Chainlink (LINK), purchasing 312,901 LINK valued at approximately $3.81 million over the past eight hours, according to a report by on-chain analytics provider Lookonchain. 

The average purchase price of these LINK tokens was $12.17, which is close to where the token is trading right now on major exchanges.  

This activity comes at a time when Chainlink's price shows a 24-hour range between $11.76 and $12.50, according to CoinGecko. Chainlink currently stands with a market cap of roughly $6.89 billion, a 24-hour trading volume of $729.95 million

Strategic trades

This investor, referred to as "smart money," has a history of lucrative dealings in the crypto space, boasting a total profit of over $3.9 million from trades involving 10 different tokens.

Their previous successful trades include making around $2.15 million from Rollbit (RLB) and approximately $1.8 million from Flexacoin (FLEX). 

LINK transfers stir market attention

In related news, the crypto community is buzzing about a significant Chainlink transfer tracked by Whale Alert. An enormous amount of 3.8 million LINK, worth about $46 million, was transferred between unknown wallets. 

This transaction, documented on the Ethereum blockchain, has garnered attention, with market participants speculating about potential market impacts.

Large-scale transfers like these are often monitored closely as they can precede market-moving events, such as large sell orders or liquidity provisions.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].