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Chainlink’s decentralized oracle network is currently experiencing a dramatic upswing, with a 1,453% increase in large transaction volume over the last 24 hours, totaling $885.23 million. This spike, primarily driven by ‘whales’ or large holders, signals a robust market interest and speculation about future price movements.
Blockchain data indicates significant activity, including four major transfers of LINK to the Binance exchange, summing up to over 18 million LINK from undisclosed sources. This action might be tied to Chainlink’s strategy for managing its noncirculating supply, suggesting strategic market maneuvers by large stakeholders.
Crypto analysts are buzzing about the potential market impact of these moves. The substantial volume and value of these transactions hint at a possible preparation for a major market event, underscoring the growing influence of big players in the cryptocurrency sphere.
