Chainlink Sees Accumulation of $LINK Tokens by Large Investors
The decentralized oracle protocol Chainlink has experienced a positive performance this year, with large investors recently accumulating tokens. In the past two weeks alone, these investors have added 7.5 million $LINK to their wallets, totaling approximately $53 million. This surge in accumulation coincides with the cryptocurrency’s price increase.
Chainlink’s price has risen by 17% over the past week and 26% over the last 30 days. Its year-to-date performance has seen a growth of over 40%. Currently, the cryptocurrency is trading at $7.8, down from its all-time high of over $50 in 2021.
The price of LINK is attempting to reach its 2023 high near $8.5, a level that has been challenging to break since April due to repeated rejections. However, if buying pressure continues, this trend may favor the bulls.
Chainlink’s Cross-Chain Interoperability Protocol Launches for Early Access Users
Last month, Chainlink launched its Cross-Chain Interoperability Protocol (CCIP) for early access users. The protocol aims to enhance cross-chain applications and services and is now operational on the Avalanche, Ethereum, Optimism, and Polygon blockchains. Over 25 partners have tested the protocol and are now transitioning to the mainnet.
Aave, a major decentralized finance protocol, and Synthetix, a decentralized liquidity platform, are among the partners using the protocol. Chainlink expects other leading decentralized finance protocols to adopt it soon.
The interoperability protocol played a significant role in Chainlink’s partnership with SWIFT, an international payment and messaging system widely used by banks worldwide.
Hot Take: Chainlink’s Continued Growth and Adoption
Chainlink has shown impressive growth and adoption, with large investors accumulating $LINK tokens. The recent surge in accumulation indicates confidence in the protocol’s potential. Despite a drop from its all-time high, the cryptocurrency’s price is steadily rising and attempting to break through key resistance levels.
Moreover, the launch of Chainlink’s Cross-Chain Interoperability Protocol for early access users showcases the protocol’s commitment to enhancing cross-chain applications. With major partners already utilizing the protocol and more expected to adopt it soon, Chainlink is poised for further success in the decentralized finance space.
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