Crypto News– Chainlink (LINK), the oracle service provider, has experienced a 5.36% price surge within the last 24 hours, reaching a current trading price of $6.56, accompanied by a market capitalization of $3.6 billion. Notably, the on-chain activity of Chainlink has seen a notable uptick over the past week.
LINK Coin Price Rises 5% Amidst Significant Chainlink Wallet Activity
Within the past day, four prominent Chainlink wallets orchestrated substantial transfers of 18.75 million LINK tokens, worth a staggering $119 million, distributed across various platforms. These wallets, initially designated for managing non-circulating supplies, initiated the movement of 15.7 million LINK tokens, equivalent to roughly $100 million, into Binance. Furthermore, they orchestrated a transfer of 3.05 million LINK tokens, valued at approximately $19 million, to a multi-signature wallet identified as 0xD50f.
Of particular interest, the on-chain analysis firm Lookonchain has highlighted the consistent pattern of these wallets sending LINK to Binance every quarter since August 2022. These cumulative transactions have now totaled an impressive 71.8 million LINK tokens, with a collective value of $446 million.
This notable influx of LINK tokens into circulation has raised concerns regarding its potential impact on the token’s price.
Key Partnerships Formed by Chainlink
The recent surge in LINK’s price may be attributed to Chainlink’s recent collaborations with established players in the traditional financial sector. The Oracle service provider successfully conducted a tokenization test in partnership with SWIFT, a global financial messaging network. This initiative saw Chainlink working alongside prominent banking institutions such as BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.
Furthermore, the Australia and New Zealand Banking Group (ANZ) leveraged Chainlink’s cross-chain interoperability protocol for testing the A$DC stablecoin. ANZ’s successful implementation showcased its ability to seamlessly transfer funds across both open and private blockchain networks, thereby contributing to ongoing experiments exploring the efficiency and security of integrating real-world assets into the blockchain ecosystem.
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