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Chainlink (LINK) Suddenly Spikes 9%, 506,226 Tokens on the Move
In a sudden and unexpected turn of events, the price of Chainlink’s native cryptocurrency, LINK, has spiked by a whopping 9%. This dramatic increase in value is attributed to a large whale investment worth $7.1 million.
According to SpotOnChain, the whale purchased 506,226 LINK tokens at an average price of $14.03. To fund this massive transaction, the investor reportedly sold 1,108.83 ETH for $2.1 million USDC and took out an additional $5 million USDC from Spark.
Despite the significant increase in value, the whale’s long position has yet to break even, resulting in an unrealized loss of $194,000. This suggests that the investor entered the market ahead of the upward trend and is still waiting for their investment to recover.
The sudden surge in LINK’s price is likely a result of this substantial investment, indicating a significant increase in demand for the token. As investors continue to monitor the market, it remains to be seen whether this whale’s move will have any lasting impact on the cryptocurrency’s value.
Source: https://u.today/506226-link-on-move-as-chainlink-suddenly-spikes-9
