Chainlink On-Chain Activity Increases, LINK Token Transfers to Binance
Chainlink (LINK), an Oracle service provider, has experienced a 5.36% gain in the last 24 hours, currently trading at $6.56 with a market cap of $3.6 billion. Notably, there has been a significant increase in chainlink on-chain activity over the past week.
In the last 24 hours, four Chainlink wallets have made substantial transfers of 18.75 million LINK tokens across different platforms, totaling $119 million. These wallets, initially intended for managing non-circulating supplies, moved 15.7 million LINK tokens worth approximately $100 million to Binance. They also transferred 3.05 million LINK tokens (equivalent to around $19 million) to a multi-signature wallet known as 0xD50f.
Recurring Transactions and Concerns
On-chain analysis company Lookonchain has identified that these specific wallets have consistently sent LINK to Binance every quarter since August 2022. These transactions have amounted to a significant total of 71.8 million LINK tokens valued at $446 million.
This surge in LINK tokens entering circulation raises concerns about its potential impact on the token’s price.
Key Chainlink Partnerships Drive Price Rally
The recent increase in the LINK price may be attributed to Chainlink’s partnerships with traditional financial players. The oracle services provider conducted a successful tokenization test in collaboration with SWIFT and major banking institutions such as BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.
In addition, the Australia and New Zealand Banking Group (ANZ) utilized Chainlink’s cross-chain interoperability protocol for testing the A$DC stablecoin. This achievement demonstrated the seamless transfer of funds across open and private blockchain networks, contributing to ongoing experiments exploring the effectiveness and security of real-world asset deployment on the blockchain.
Chainlink’s product, which acts as a “universal messaging interface” through its Oracle network, has played a vital role in addressing concerns regarding retail central bank digital currencies (CBDCs) and fostering collaboration between banks and the crypto sector.
Hot Take: Chainlink’s LINK Price Rally Continues
With the recent surge in chainlink on-chain activity and notable partnerships, the LINK price rally shows no signs of slowing down. Currently trading at $6.56, it remains to be seen whether LINK will surpass the $6.5 mark and continue its upward trend. Chainlink’s ability to facilitate communication between different blockchain networks through its Oracle network has received positive feedback, further driving its success in the crypto market.
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