Dogecoin Trails Behind Chainlink In Terms Of Market Cap After Whale Accumulation Spree Drives LINK To 10th Spot In Rankings

Chainlink LINK/USD has experienced a surge in its market value, surpassing Dogecoin DOGE/USD by market capitalization following an intense period of acquisition by a whale.

What Happened: This whale has been actively purchasing LINK through Binance, using 55 different wallets to garner a total of 4.56 million LINK tokens. The cumulative value of these acquisitions amounted to $83.6 million over just five days.

Data analytics firm Lookonchain revealed this activity, stating, “a ‘mysterious whale’ continues to accumulate $LINK! And has accumulated a total of 4,556,684 $LINK ($83.6M) from #Binance via 55 fresh wallets in the past 5 days.”

As a result of this buying spree by large-scale investors and institutions, Chainlink’s price has ascended sharply. Starting from a low of $14.5, LINK’s value soared to $20.57, which translates to a significant 41.8% price increase.

The outcome of these developments is that Chainlink has now climbed through the ranks in terms of crypto market capitalization and is currently placed higher than Dogecoin. Chainlink’s market cap is now over $11.76 billion, while Dogecoin lags slightly at $11.5 billion. 

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

Why It Matters: Pseudonymous Crypto analyst Rekt Capital provided insights on Chainlink's market movements, saying, “LINK is trying to reclaim the black-black range, positioning itself for a reclaim of $19.31 as support. Weekly Close just like this and LINK would be able to enjoy trend continuation across the entire range.”

Price Action: LINK was trading at $20, up 1.91% in the last 24 hours while DOGE was down 2% trading at $0.80, according to Benzinga Pro.

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