LINK Soars 9% As Over 500K Tokens Moved
Exciting news for Chainlink fans! LINK, the digital token fueling the decentralized oracle network, experienced a sudden and impressive climb in early Friday trading. It jumped up by 9%, boosting its price from a low of $12.98 to reach $14.41.
Currently, as we’re writing this, LINK is holding strong, trading 8.39% higher than it was 24 hours ago, sitting at $14.27. This price surge for Chainlink is particularly noteworthy, especially since a number of other cryptocurrencies are currently in the red.
The broader cryptocurrency market presented a mixed bag in early Friday trading. Investors were carefully analyzing new data on consumer sentiment, which indicated possibly higher inflation on the horizon. Looking ahead, the Federal Reserve is scheduled to convene next week, and market watchers largely anticipate that they will maintain interest rates at their current levels.
Meanwhile, Bitcoin (BTC) is facing headwinds, finding it challenging to stay above the $83,000 mark. The leading cryptocurrency in terms of market size is currently up 2% today. However, it’s worth noting that Bitcoin declined by 13% in the first quarter of the year and is still trading nearly 30% below its peak price from January.
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Contrasting Bitcoin’s performance, Chainlink has really taken off in the past day. It has now climbed to become the 12th largest cryptocurrency by market cap, boasting a valuation of $9.11 billion. Despite this recent jump, the token is still down 18% over the last week.
506,226 LINK on move
Interestingly, recent hours have seen a significant movement of LINK tokens, as large investors, often called “whales,” react to Chainlink’s latest price activity.
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On-chain data reveals a substantial transaction by a whale during Chainlink’s recent price surge. According to insights from SpotOnChain, a major player spent $7.1 million in USDC to acquire a whopping 506,226 LINK tokens at an average price of $14.03 early Friday.
To make this big purchase, the whale strategically sold off 1,108.83 ETH, converting it to $2.1 million USDC, and then borrowed an additional $5 million in USDC from Spark.
Even with the price increase, it turns out this whale’s long position is currently showing an unrealized loss of $194,000. This suggests that the whale might have jumped into the market just slightly before the upward trend gained full momentum and is still waiting to get into profit territory.
