Cryptocurrency Whales Accumulate Hundreds of Thousands of LINK Tokens as LINK Price Surges 28% to $24

Cryptocurrency whales have been traced to have accumulated hundreds of thousands of LINKs on the past day of trading. According to CoinMarketCap data

Cryptocurrency whales have been observed accumulating a substantial amount of LINK tokens during the recent trading day.

As per data from CoinMarketCap, Chainlink (LINK) witnessed a remarkable surge of up to 28%, moving from $19 to $24, with an astronomical increase in trading volume to the tune of 932% in a single day.

The market capitalization also performed exceptionally well, reaching $15 billion, surpassing the positions held by Bitcoin Cash (BCH) at $10 billion and Hedera (HBAR) at $14 billion, respectively.

Over a month, this token has outperformed even Bitcoin (BTC), soaring by 126%, while the world's largest cryptocurrency only managed a 40% gain, falling short of the widely anticipated $100,000 price target.

According to a post by Lookonchain X on Dec. 03, over the past 12 hours, a crypto whale was observed accumulating $6.6 million or 269,861 tokens.

"The whale spent $2.6M to buy 107,838 $LINK at $24.1 on DEX and withdrew 162,024 $LINK ($4.08M) from #Binance," X's post noted.

The market sentiment towards this decentralized blockchain oracle network was bullish to the tune of 80%, while the remaining traders expressed a bearish outlook for the future.

LINK price targets $150

Several crypto traders expressed optimism in the wake of the company behind the token forging alliances with global financial networks and institutions, such as Swift and Microsoft.

Among these traders, Global Macro Investor (@ProdDesignerSam) on X's post is targeting a price of $150 for LINK. He highlighted the token's use case and noted that it is "being used by the bank and multi-billion $ institution to tokenize trillions of value, openly endorsed and used by them."

Chainlink is also known to be working with global financial asset managers JPMorgan and UBS to bridge the gap between traditional finance (TradFi) and the digital realm by tokenizing their assets on the blockchain.