Chainlink (LINK) holders are back in the accumulation phase as the price of the altcoin drops. Onchain analysts observed that over the last few hours, six token holders accumulated a total of 327,751 LINK from Binance, equivalent to $2.4 million.
Each of these cryptocurrency addresses currently holds over $800k in LINK and has not engaged in any trading activity other than accumulating LINK.
About a month ago, on September 15, a total of 81 new wallets were created and began withdrawing LINK from Binance on September 18. These wallets have since withdrawn a total of 4.7 million LINK worth $31.58 million.
Following the drop in LINK's price, today the institutions associated with these 81 wallets began accumulating tokens once again, adding another 575,632 LINK ($4.2 million) to their holdings. This institution has accumulated a total of 7.66 million LINK from Binance since September 19, equivalent to $56 million.
Chainlink price has lost approximately 6% of its value since yesterday and is trading at $7.24 at the time of writing, falling from $7.60.
*This is not investment advice.