Chainlink (LINK), the blockchain-based oracle service provider, has made headlines with its impressive 6% price surge over the past 24 hours, bringing its value to $6.58. This significant price increase has piqued the interest of community members and analysts alike, sparking a discussion about the driving forces behind this surgeAin
Wallet Movements
In the last 24 hours, four Chainlink wallet addresses have attracted attention by accumulating a substantial 18.75 million LINK tokens, equivalent to a staggering $119 million.
5 小时前，Chainlink 4 个标注为 Noncirculating Supply (非循环供应)的钱包一共转出了 2100 万 $LINK($111M)
其中 1795 万($95M) 转入了 #Binance，305 万($16M) 转至 0xD50f 多签地址
这些非循环供应地址的 LINK 都是在一年前由 Team Wallet 或 Node Operators 钱包转入
推文由 @LionDEX_CN 赞助 pic.twitter.com/N3NSxBkXYG
— 余烬 (@EmberCN) June 17, 2023
These wallets, originally designed for managing tokens that were not in circulation, executed transfers totaling approximately 15.7 million LINK tokens, valued at around $100 million, to the cryptocurrency exchange wallet of Binance.
Additionally, roughly 3.05 million LINK tokens, worth approximately $19 million, found their way to a multi-signature wallet address. Lookonchain, a blockchain analysis company, observed that these wallet addresses have been periodically sending LINK to Binance every three months since August 2022.
Chainlink Noncirculating Supply wallet deposited 15.7M $LINK ($97.5M) into #Binance yesterday.
Chainlink Noncirculating Supply wallet has been depositing $LINK to #Binance every three months since August 26, 2022, and has deposited a total of 71.8M $LINK ($446M). pic.twitter.com/Q31V0aEuvo
— Lookonchain (@lookonchain) September 17, 2023
These transactions have totaled 71.8 million LINK tokens, valued at $446 million, raising concerns among investors about the increased circulation of LINK.
Key Collaborations Driving Chainlink (LINK)
The recent surge in LINK’s price can be attributed to the notable partnerships that Chainlink has forged with traditional financial players. One prominent collaboration involves a successful tokenization test conducted with SWIFT, in collaboration with major banking institutions such as BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.
Moreover, the Australia and New Zealand Banking Group (ANZ) utilized Chainlink’s cross-chain interoperability protocol to test the A$DC stablecoin, demonstrating the seamless transfer of funds across public and private blockchain networks. This development has contributed to ongoing efforts to assess the efficiency and security of deploying real-world assets on the blockchain.
It’s worth noting that Chainlink has played a pivotal role in exploring the potential for harmonious coexistence between traditional banks and the cryptocurrency sector, addressing concerns related to central bank digital currencies (CBDCs).
Its product, well-received by the industry, acts as a “universal messaging interface” that facilitates communication between various blockchain networks through its Oracle network.
As Chainlink’s LINK tokens continue to experience significant movements in the market, questions arise about the asset’s stability and future price trajectory. With the influx of LINK into circulation and its strategic partnerships, the crypto community eagerly awaits whether LINK can sustain its upward momentum and surpass the current $6.5 mark.
