Chainlink (LINK) Skyrockets 293% in Bullish Whale Activity: What’s Driving Surge?

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As a seasoned analyst with a decade of experience in the cryptocurrency market under my belt, I find the recent surge in whale activity surrounding Chainlink (LINK) quite intriguing. The 293% increase in large transaction volume, amounting to $82 million over the last 24 hours, is a clear indicator that institutional players are either gearing up for a significant purchase or sale.

Over the past day, there’s been a notable increase in large-scale transactions involving Chainlink (LINK), a decentralized oracle network.

Based on data from IntoTheBlock, it appears that Chainlink has experienced a significant surge of 293% in large transactions, which is often associated with the actions of ‘whales’ (large-scale investors). This equates to approximately $82 million or 7.28 million LINK over the past 24 hours, when considering crypto terms. In simpler terms, the Large Transaction Volume metric measures the total value transacted by whales and institutional players on a given day. A rise in this volume suggests heightened activity among these large-scale investors, which could be due to buying or selling actions.

Following the significant release of LINK tokens by the Chainlink non-circulating supply wallet, valued at approximately $207.4 million, we’ve observed an increase in whale activity. This event took place just a few days ago.

In simpler terms, 18.75 million LINK tokens, initially kept in a non-circulating pool, were moved and distributed among five different addresses. Out of these, 18.125 million LINK were shifted to Binance, which translates to around $207 million in value.

Approximately every quarter, the non-circulating supply address of Chainlink releases and sends around 20 million LINK. Since the year 2022, a total of over 133.4 million LINK tokens, equivalent to approximately $1.29 billion, have been released and transferred to Binance in this fashion.

Chainlink price and recent developments

Currently, as I pen this down, Chainlink’s native cryptocurrency, LINK, has experienced a 0.70% increase over the past day, reaching $11.51. Over the last week, it has risen by 8.56%. At the moment, LINK ranks 14th among all cryptocurrencies, boasting a market capitalization of approximately $7.22 billion.

21st Century Global Group (21.co), the parent organization behind cryptocurrency asset manager 21Shares, declared on September 23rd that they would incorporate Chainlink’s Proof of Reserve feature into their 21BTC product to alleviate any doubts about the Bitcoin wrapper’s backing.

Chainlink’s Proof of Reserves system instantly verifies financial details such as off-chain reserve amounts and transmits this data directly to a blockchain-connected smart contract for immediate access and transparency.

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2024-09-24 17:31