Chainlink (LINK) is getting much attention because many investors are stepping in.

Data shows that 83 different wallets took $216 million worth of LINK tokens from the Binance market recently. This caused the price of the token to rise significantly.

The on-chain analytics tool Lookonchain revealed the current accumulation trend on Feb. 17. Their research shows that multiple wallets worked together to take out large amounts of LINK.

It’s still not clear if this is all being coordinated by a single entity, but the large number of tokens that have been collected shows more parties seek LINK price exposure.

83 fresh wallets(may belong to the same institution) withdrew a total of 11,097,687 $LINK($216.4M) from #Binance in the past 2 weeks.

Address list:https://t.co/cYgH52rHzxhttps://t.co/JNuXc43l2I pic.twitter.com/u178vVVGiT

— Lookonchain (@lookonchain) February 17, 2024

Analysts are left with many questions about the coordinated accumulation, especially the large withdrawal from Binance. Some argue institutions are becoming more confident in Chainlink’s long-term success, although that would not necessarily require them to acquire LINK. 

More evidence of this trend comes from IntoTheBlock, which shows that big buyers have added another $129 million in just the last 24 hours. 

Chainlink’s Price Surge Reflects DeFi Dominance

This constant buying pressure has directly affected the price of LINK, which has increased by a notable 6% in the last week and 20% in the last month.

While whale behavior gets much attention in the news, the essential parts of LINK suggest are worth highlighting. Chainlink is the leading Oracle provider in the Web3 ecosystem. It connects smart contracts to real-world data, making getting safe, reliable information from outside sources easier. 

LINK is one of the most prominent projects in the rapidly growing decentralized finance (DeFi) field because of its key role in many DeFi projects.