Chainlink’s Market Value Surpasses Dogecoin Following Whale Buying Activity
Chainlink (LINK/USD) has seen a surge in its market value, surpassing Dogecoin (DOGE/USD) by market capitalization following intense buying activity by a large-scale investor. This investor, known as a “whale,” has been actively purchasing LINK through Binance, using 55 different wallets to accumulate 4.56 million LINK tokens. The total value of these acquisitions amounts to $83.6 million over just five days. Data analytics firm Lookonchain reported this activity, stating that the whale has accumulated a total of 4,556,684 LINK from Binance via 55 fresh wallets in the past 5 days.
As a result of this buying spree, Chainlink’s price has soared. Starting from a low of $14.5, LINK’s value has increased by 41.8% to reach $20.57. This surge in price has propelled Chainlink ahead of Dogecoin in terms of market capitalization. Chainlink’s market cap now stands at over $11.76 billion, while Dogecoin lags slightly behind at $11.5 billion.
Rekt Capital, a pseudonymous crypto analyst, provided insights on Chainlink’s market movements, suggesting that LINK is positioning itself for a trend continuation if it can reclaim $19.31 as support.
In the last 24 hours, LINK has seen a 1.91% increase in price, trading at $20, while DOGE is down 2% at $0.80. These developments highlight the growing competition and changing dynamics within the cryptocurrency market.
It is important to note that this information is for informational purposes only and should not be considered investment advice.
Analyst comment
Positive news.
As a result of intense buying activity by a large-scale investor, Chainlink’s market value has surpassed Dogecoin’s market capitalization. Chainlink’s price surged by 41.8%, reaching $20.57, and its market cap now stands at over $11.76 billion. Reclaiming $19.31 as support could indicate a trend continuation. In the last 24 hours, LINK increased by 1.91% to $20, while DOGE decreased by 2% to $0.80. This highlights the growing competition and changing dynamics in the cryptocurrency market.
