Binance Exchange Records 4.7 Million LINKS From 81 New Wallets

Binance Exchange Records 4.7 Million LINKS From 81 New Wallets

There have been unexpected developments in the cryptocurrency market, which has led to the removal of 4.7 million LINK from the Binance exchange by 81 freshly formed wallets. The action attracted the attention of the cryptocurrency community and raised concerns about the motives and tactics of the owners of these wallets.

The revelation was made by Lookonchains, who has it public on his official X handle. According to Lookonchains, these recently formed wallets have withdrawn 4.7 million LINK, roughly comparable to $31.58 million in value. This development sent a shockwave throughout the cryptocurrency community, with some known market influencers suggesting that whales may have found hope in the LINK token.

Lookonchains also revealed that 755,687 LINK, worth about $5.08 million, had been withdrawn from new wallets in the Binance platform as of press time. He also explained that “the fact that LINK tokens are unaffected by this suggests that the withdrawal procedure may still be in progress or that the wallets have other plans for the money that hasn’t been withdrawn.”

The latest update from the Binance blog says that Seven new wallets crashed out between 199,999 LINK and  100,000, while the rest withdrew less than 99,000 LINK. It was also gathered that all of the wallets withdrew at least 5,000 LINK.

Current Market Attitude May Favour LINK, Cryptocurrency Traders Alert

Among these 81 wallets, the largest whale made a major move by withdrawing 280,567.67 LINK, worth roughly $1,882,609.07. This substantial withdrawal demonstrates high confidence in the cryptocurrency and may suggest a positive attitude toward LINK. It also suggests that these wallets may engage in extensive investment or strategic actions.

These withdrawals occur when LINK’s price has been moving noticeably upward. LINK’s value significantly increased between September 15 and September 19, going from $6.15 to $7.04 per token. This implies a gain of 14.54% in a few days, which probably affected these wallet owners’ choices.

The cryptocurrency industry is now careful about what’s happening with these recently formed wallets and their huge LINK withdrawal activities. Numerous speculations and suppositions range from the potential for a new large-scale investment to institutional actors’ strategic maneuvers.

LINK Maintains Bullish Prospect Within The Week, Price Builds Up

Analysts and industry experts are, however, closely monitoring the exchange’s response and any potential market effects. The reasons for these significant withdrawals remain unknown as the cryptocurrency community continues to relay its analysis on market speculations.

Investors and cryptocurrency enthusiasts are keenly monitoring LINK performance for any new developments that may lead to any significant market changes. However, Lookonchain had on September 19 announced that he suspects some whales are making significant withdrawals.

He went ahead to disclose that about 35 new wallets on the Binance exchange have witnessed similar activities. Statistics obtained from the platform say that the market capitalization for the global cryptocurrency market reached $3.76 Billion, with a slight increase of 0.35% in 24 hours.

As of press time, the price of LINK stands at $6.75, with a slight increase of 0.47% in the past 34 hours and recording a total trading volume of $147.38 million. Currently, the token has 556.85 million LINK in total supply and 1 billion LINK in maximum supply. LINK took the 20th position by market capitalization (according to data from CoinMarketCap) and has been showing positive bullish prospects within the week.

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Jesse Rosenbalm
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Jesse Rosenbalm

Jesse Rosenbalm stands out in the crypto journalism realm, seamlessly blending intricate blockchain concepts with accessible prose. Known for his deep dives and accurate forecasting, Jesse's articles are a must-read for both novices and experts. As crypto trends shift, his insightful writings remain a beacon in the digital currency space.

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