Chainlink Whale moves $79.7m LINK in 11 minutes

Crypto market intelligence platform Santiment on Mar. 3 detected three large whale transactions totaling $79.7m on the Chainlink (LINK) platform.

Transactions valued at $79.7 million

A whale address transferred 11.6m LINK worth $79.7m in three transactions within 11 minutes of each other during the final trading hours of Mar. 3. 

In the first transaction, the whale moved 3.9m LINK. A few moments later, the wallet moved a second batch of 4m LINK, followed by another 3.5m LINK a minute later.

According to Santiment, the whale’s activities resulted in Chainlink’s biggest on-chain transaction spike since Dec. 9, 2022. The on-chain data provider also stated that the total value of the three transactions put them in the top five crypto transactions of the year so far.

LINK drops 7% 

When the transactions were taking place, Chainlink had started a new slump over the last 24 hours, with its price dropping 7% to go as low as $6.7.

The downturn meant LINK dropped below its $7 support level and reached its lowest price since Valentine’s Day.

However, at the time of writing, it was up 0.78% per data from CoinMarketCap.

LINK price movement | Source: CoinMarketCap

The current live LINK price is $6.94 with a $224.4m 24-hour trading volume. The token has a live market cap of $3,587,678,184, standing at 19th in the market cap leaderboard. It has a maximum supply of 1 billion LINK and a circulating supply of more than 517 million LINK.

The crypto market is down

Meanwhile, the broader crypto market was also impacted by yesterday’s values, as Ethereum (ETH) also fell 5% to $1,500, and Bitcoin (BTC) fell 5% to slip below $22,500. Ripple (XRP), one of the top altcoins, fell 2% to $0.37. In comparison, Cardano (ADA) and Dogecoin (DOGE) fell 3% and 5%, respectively, with the latter falling to $0.07. Polkadot (DOT) is also down 5%, falling to $6.0.