CCIP Protocol Drives Chainlink Crypto Price is Up by More Than 22%, Positively Impacting Chainlink Link Price

The LINK price has increased more than 22%, reaching a three-month high, and whale activity on Chainlink has been accelerating quickly.

CCIP Protocol Drives Chainlink Crypto Price is Up by More Than 22%, Positively Impacting Chainlink Link Price

One of the top-performing cryptocurrencies this week was Chainlink. The price of the coin soared to $8.50, its highest point since April of this year. After Chainlink introduced the Cross Chain Interoperability Protocol (CCIP), it increased. On a number of well-known blockchains, including Avalanche, Ethereum, Optimism, and Polygon, the mainnet was launched.

Chainlink is the #3 trending topic in #crypto after an impressive +20% day, returning to its highest price ($8.34) in 3 months. Thursday had $347.72M in $LINK on-chain volume, the largest of 2023. #FOMO could be the only obstacle holding it from $10.

Santiment

On-chain data shows that certain whales, or major investors in an asset, added more than $6 million to their link holdings in the morning, which led to stronger demand and price increases of up to 22%. By permitting organizations like banks and insurance companies to connect to the blockchain, the protocol will broaden the use cases for Chainlink.

A month earlier, Chainlink had declared that it was testing the use of its collaboration with Swift to connect banks to the blockchain. Additionally, starting on Thursday, all developers will be access to CCIP on all five testnets: Polygon Mumbai, Ethereum Sepolia, Optimism Goerli, and Avalanche Fuji.

Movements of Chainlink Whales

The Chainlink crypto price chart has been mostly stable for a while around the $6–$8 range, which has also functioned as the accumulation zone for investors. However, the recent increase in trading volumes now suggests that traders and market players are showing a greater level of interest.

Along with rising trading volumes, LINK has been the subject of an increase in whale trades. Additionally, affluent LINK holders’ balances have been rising as well. This might mean that these significant investors are covertly accumulating LINK while the price is constant, according to on-chain data source Santiment.

A fascinating situation is presented by the market developments for LINK. Despite the lack of a discernible price change, there are clear indications of rising trading volume, a rise in whale transactions, and substantial holders’ accumulation. Thus, despite what would seem to be a stagnant state of LINK, more action is actually taking place below the surface.

The Chainlink ecosystem is currently very active, making LINK a favorite among market investors. Through the Chainlink BUILD initiative, the protocol, which serves as the top oracle service provider for blockchain systems, has been carefully expanding its ecosystem.

What Does the CCIP Protocol Do?

The CCIP protocol can be used by developers for a variety of tasks, such as cross-chain composability, liquidation, domain name service, NFTs, and gaming. As a result, it ranks as one of the most significant platform updates ever.

Sergey Nazarov’s Statements

Following remarks made by Sergey Nazarov, LINK’s co-founder, in an interview at the EthCC event, the company’s value increased significantly on Thursday. Nazarov was talking about the firm’s just-released cross-chain interoperability protocol, which would make it simpler to transfer funds between blockchains. The price of LINK was found to be trading at $8.46, up from $6.88, after experiencing a nearly 20% rise in just one day. Moreover, despite the volatility, Chainlink crypto price today is $8.16.

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