Chainlink Price Shoots Amid Massive Wallet Transfers

Oracle service provider Chainlink (LINK) has gained another 5.36% in the last 24 hours and is currently trading at $6.56 with a market cap of $3.6 billion. Over the last week, the chainlink on-chain activity has picked up significantly.

Over the last 24 hours, four Chainlink wallets have moved a significant amount of 18.75 million LINK tokens across different platforms, totaling $119 million. These wallets, originally designated for managing non-circulating supplies, shifted 15.7 million LINK tokens, valued at approximately $100 million, to Binance. Additionally, they transferred 3.05 million LINK tokens, equivalent to around $19 million, to a multi-signature wallet identified as 0xD50f.

The on-chain analysis company Lookonchain has pointed out that these specific wallets have been routinely sending LINK to Binance every quarter since August 2022. These transactions have amounted to a substantial 71.8 million LINK tokens, valued at $446 million.

This significant increase in LINK tokens entering circulation has prompted concerns about its potential influence on the token’s price.

Key Chainlink Partnerships

The recent price rally surrounding the LINK price could be due to Chainlink’s recent partnership with traditional financial players. The oracle services provider conducted a successful tokenization test in partnership with SWIFT. This initiative involved collaborating with major banking institutions, including BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.

Additionally, the Australia and New Zealand Banking Group (ANZ) utilized Chainlink’s cross-chain interoperability protocol for testing the A$DC stablecoin.

The bank’s achievement demonstrated its ability to transfer funds seamlessly across both open and private blockchain networks, contributing to ongoing experiments examining the effectiveness and security of deploying real-world assets on the blockchain.

Chainlink has been instrumental in exploring the potential for harmonious coexistence between banks and the crypto sector, addressing common concerns related to retail CBDCs.

Chainlink’s product, which has received positive feedback, functions as a “universal messaging interface” for facilitating communication between different blockchain networks through its Oracle network. It will interesting to see whether the LINK price surges past $6.5 to continue the rally further.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.