Chainlink Surges 175% as Mysterious Whales Shift Millions of LINK

Chainlink LINKUSD has seen a 175% surge in large transaction volume, which is indicative of whale activity.

IntoTheBlock classifies large transactions as those where an amount greater than $100,000 is transferred. In this case, the Large Transactions Volume indicator measures the aggregate amount in crypto terms transferred in such transactions.

Chainlink's large transaction volume surged by 175.28% to total $338.96 million in the last 24 hours.

A massive spike has been seen in large transaction volume, which rose from 6.17 million LINK on Feb. 19 to 17.65 million LINK on Feb. 20.

Large Transaction Volume provides an idea of the total amount transacted by whales on a given day. Spikes in large transaction volumes often indicate high activity among institutional players, either buying or selling.

Within the last 24 hours, there have been mysterious movements of millions of LINK tokens by some large-scale investors, also known as whales.

🚨 🚨 🚨 🚨 4,314,062 #LINK (79,065,694 USD) transferred from unknown wallet to unknown wallethttps://t.co/8RdxhMBqXG— Whale Alert (@whale_alert) February 21, 2024

According to Whale Alert, a service that tracks and reports large crypto transactions, whales have transferred millions of LINK tokens between different wallets and exchanges in the past 24 hours. Whale Alert reported two such transactions.

In recent hours, an unknown whale wallet shifted 4,314,062 LINK worth $79,065,694 to an unknown wallet. Also, 2,402,942 LINK worth $46,491,692 were transferred from BlockFi to an unknown wallet.

At the time of writing, Chainlink was down 5.40% in the last 24 hours to $18.33, mirroring the general market declines.