Chainlink has experienced a considerable surge in its overall value over the past week. It has injected a sense of optimism among investors. At this point, the positive sentiment is driven by increased whale activity. Whales have been busy accumulating Chainlink (LINK) tokens as a number of crypto assets throughout the broader crypto market have flatlined. As a result of this continuous accumulation, these whales have managed to accumulate LINK tokens worth more than $50 million.
Based on the data shared by an analyst, it has come to light that these whales have purchased more than 7.5 million LINK tokens within the previous two weeks, which currently account for almost $53 million. The current accumulation trend indicates a positive sentiment among these whales, and they continue to believe the token to be undervalued at the current price. Similarly, they expect the price of the token to climb much higher in the near future.
— Ali (@ali_charts) September 28, 2023
The accumulation by these whales coincided with LINK’s price appreciation that was seen over the previous few weeks. At the time of writing, LINK has surged by almost 16% within the previous week. The increase has pushed the trading price of the token up to $7.75 and the market cap currently stands at the $4.3 billion mark. The recent surge in value clearly indicates that LINK is on its way to reclaim its previous peak of almost $8.5.
Chainlink’s CCIP Might be Another Driver for Peaked Interest
The masses currently believe that Chainlink’s CCIP could be another factor that has set the stage for increased interest from investors. The service provider recently announced a successful experiment that proved that its CCIP can be used to facilitate cross-chain settlement via the use of tokenized assets. The experiment showcased the ANZ bank, which is one of the largest in the world.
This clearly indicated how a number of financial institutions can offer easy access to tokenized assets by harnessing the capabilities of blockchain technology. It highlights a seamless route for banks to execute cross-border transactions much faster. Chainlink is currently looking forward to establishing CCIP as the new gold standard for interoperability and has launched the protocol on six networks which include Ethereum, Polygon, Avalanche, Optimism, Arbitrum, and Base.