Chainlink Whales Accumulate Over $50M Worth of $LINK in Two Weeks as Price Surges

Decentralized oracle protocol Chainlink has been seeing a positive performance so far this year, and large investors have recently started accumulating tokens to the point that 7.5 million $LINK has been added to their wallets over the past two weeks.

According to popular cryptocurrency analyst Ali Martinez, over the last two weeks cryptocurrency whales have added around $53 million worth of Chainlink’s native $LINK tokens to their wallets at a time in which the cryptocurrency’s price has been surging.

Chainlink’s price is up around 17% over the past week and over 26% over the last 30-day period, with its year-to-date performance seeing its value rise over 40%. The cryptocurrency is trading at $7.8 at the time of writing, down from an all-time high above the $50 mark seen in 2021.

The price of LINK is seemingly trying to move back to its 2023 high near $8.5. This level has been a tough barrier as the asset faced multiple rejections since April. If buying pressure persists, however, this long-standing trend could change in favor of the bulls.

Notably, the decentralized oracle network launched last month for early access users its Cross-Chain Interoperability Protocol (CCIP), aiming to bolster cross-chain applications and services.

The protocol is now functional for these users on the Avalanche, Ethereum, Optimism, and Polygon blockchains, after the protocol was tested by at least 25 partners that are now starting to move to the mainnet.

These partners include major decentralized finance protocol Aave and the decentralized liquidity platform, Synthetix. The protocol, according to the Chainlink team, will soon be adoptable by other leading decentralized finance protocol.

The interoperability protocol has been a key component behind Chainlink’s partnership with SWIFT, the international payment and messaging system predominantly used by banks worldwide.

Featured image via Pixabay.

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