Chainlink experienced significant increases in value, bringing hope to its holders. This positive sentiment was reflected in the increasing activity of whales.
In fact, even as several top cryptocurrencies in the market remained stagnant, whales have been actively accumulating Chainlink, acquiring over $50 million worth of LINK in just two weeks.
Intensifying Chainlink Whale Activity
According to data compiled by crypto analyst Ali Martinez, these investors have purchased more than 7.5 million LINK tokens in the last two weeks, worth around $53 million.
This accumulation trend indicates a positive sentiment among LINK whales, who potentially believe that the token is undervalued at its current price and expect it to rise in the future.
— Ali (@ali_charts) September 28, 2023
The accumulation of whale entities aligns with the price appreciation of LINK seen over the past few weeks. LINK has steadily risen by over 32% monthly, reaching $7.8. As a result, LINK’s year-to-date gains have reached approximately 40%.
Currently, LINK is attempting to reclaim its 2023 peak around $8.5, which has proven to be a strong resistance level with multiple rejections since April. Continued buying activity, however, could potentially shift this long-running trend in favor of bulls.
On the development side, Chainlink’s CCIP protocol has also contributed to the growing interest in the asset.
The Web3 oracle service provider recently announced a successful experiment showcasing the use of its Cross-Chain Interoperability Protocol (CCIP) for cross-chain settlement with tokenized assets. The experiment involved ANZ Bank, one of the largest banks in the world.
The study demonstrated how financial institutions can offer access to tokenized assets through blockchain technology, providing a seamless route for faster and more efficient cross-border settlements.
As previously reported, the Chainlink ecosystem aims to establish CCIP as the “new gold standard” for interoperability. The protocol has been launched across six networks, including Ethereum, Polygon, Avalanche, Polygon, Optimism, Arbitrum, and Base.