Chainlink's LINK hit a 17-month high on Monday, but there are signs that investors are taking profits after the massive surge.
The token price has fallen slightly over 1% in the past 24 hours after rising nearly 50% in the past two days to reach a high of $11 after trading sideways in a range of around $5-$9 since May 2022. Since then, it has given up some gains but still managed to gain 45% over the past month, making it one of the best performers among large-cap digital assets.
Source: TradingView
The native token of decentralized oracle network Chainlink is benefiting from the recent hype surrounding the tokenization of real-world assets (RWA). Tokenization means bringing traditional assets such as equity, bonds or real estate onto the blockchain, and oracles play a crucial role in delivering data from the real world to networks and applications. Blockchain-based.
However, blockchain data suggests the rally may pause as exchange deposits increase, a sign that investors are taking profits.
Depositing tokens to an exchange typically signals an investor's intention to sell, while withdrawing tokens indicates a purchase.
Monday marked the largest net LINK outflow – nearly 1.4 million – to centralized exchanges, data from digital asset analytics firm CryptoQuant showed, spanning four consecutive days.
On-chain analytics firm Arkham Intelligence noted on social media platform on Monday before withdrawing $3 million USDT.
Large CEX trader 0x5bA has deposited $7 million of LINK to Binance over the past 8 hours – with LINK’s price -6.5% since it began.
LINK has seen a surge in price and volume over the past 3 days, gaining over 30% since Saturday. pic.twitter.com/TfDatTJoXh
— Arkham (@ArkhamIntel) October 23, 2023
The entity then sent an additional 380,447 LINKs worth $3.9 million to Binance. The investor still holds $3.1 million in LINK value after depositing.
https://tapchibitcoin.io/link-dao-chieu-giam-khi-nha-dau-tu-do-xo-chot-loi.html
