A mysterious whale or institutional investor is accumulating a large amount of the native token of decentralized oracle platform Chainlink ($LINK), as over a short two-day period a total of 47 newly created wallets accumulated more than $42 million worth of the cryptocurrency.

According to on-chain analysis service Lookonchain, these 47 newly created wallets have added 2.23 million LINK tokens in just two days, withdrawing the funds from leading cryptocurrency exchange Binance after acquiring them.

The accumulation came days after the service noticed that four newly created wallets had withdrawn over 119,000 LINK tokens worth over $2 million from the same cryptocurrency exchange as the accumulation started.

It comes shortly after the price of LINK jumped ahead of that of other altcoins earlier after “some previously dormant wallets created the highest Age Consumed spike,” according to on-chain analytics firm Santiment. This spike came after the network showed signs of Fear Uncertainty and Doubt (FUD).

These dormant whales surfacing, Santiment noted, “likely contributed to the price jump,” amid “minor liquidations of wallets.” Last year, Chainlink also saw massive whale transactions ahead of the introduction of Chainlink Staking v0.2. This update significantly increases the staking pool capacity to 45 million LINK, representing 8% of the total tokens currently in circulation.

 This expansion aims to make Chainlink Staking more accessible to a wider array of LINK token holders and is in line with Chainlink’s Economics 2.0 initiative, which focuses on enhancing the network’s security.

The staking feature, first rolled out in December 2022, was designed to improve the functionality of the token and enabled LINK holders to participate in supporting the performance of Oracle services, earning rewards in the process and contributing to the overall security of the network.

Featured image via Pixabay.