Chainlink whales have injected a staggering $100 million into the market by acquiring around 14 million LINK tokens in just one week. This purchase surge coincides with a notable increase in developer activities and GitHub contributions to the project.
Renowned crypto analyst, Ali Martinez, reported on the substantial movement of LINK tokens in the market Tuesday, emphasizing the confidence displayed by major investors in Chainlink’s potential and technology. Earlier Monday, Santiment, a crypto analytics firm, highlighted Chainlink’s recent GitHub development activity surge, pushing the asset into the top 5 most frequently developed projects.
“Chainlink’s github development activity has been notably higher this summer, leading to the asset cracking the top 5 most frequent developed assets,” wrote Santiment.
Additionally, the firm highlighted that whale and shark holders, owning 100K to 10M LINK tokens, now possess the most coins since December 2022. According to Santiment, chainlink’s whales and sharks have cumulatively added $192 million worth of LINK in just under four weeks, further solidifying Martinez’s assertions.
Chainlink’s role as a provider of Oracle solutions, facilitating smart contract interaction with real-world data, has driven its popularity and adoption in various decentralized applications (dApps).
Mid-last month, the network launched a Cross-Chain Interoperability Protocol (CCIP) on the Mainnet to create a standard communication system between various blockchain networks. The protocol, supported by Avalanche, Ethereum, Optimism, and Polygon (MATIC) networks, has already gained early adoption from DeFi lending platforms like Aave and Synthetix.
Following the launch, Chainlink’s Co-founder Sergey Nazarov emphasized the importance of CCIP, noting that apart from boosting security between bridges, the protocol would “create a private-public dynamic that will give access to traditional finance to digital assets and the cryptocurrency space to trillions of dollars.”
This perhaps explains the growing interest from institutional investors and high-net-worth individuals, considering Chainlink already collaborates with major players in traditional finance like Swift, BNY Mellon and Citigroup. Through the protocol, banks will be able to access real-world asset tokens and participate in the blockchain space more comprehensively, opening new opportunities for global finance.
That said, amidst these developments, LINK has been showing considerable strength, surging by over 50% since June, albeit trading in consolidation since May. Presently, the price faces monthly solid resistance at $9 and support around $5.15. With growing optimism and more LINK purchases, the cryptocurrency could soon breach that resistance to tap $14, as crypto analyst Michaël van de Poppe envisions.
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