Cryptocurrency Chainlink (LINK) has shown a strong performance, surpassing other altcoins. The top whales are actively accumulating the cryptocurrency, increasing their holdings by over $50 million in the past five weeks. This continuous accumulation has contributed to Chainlink’s impressive market value growth, with a notable increase of 143% in the last five months.
Chainlink Empowered by Swell Network CCIP Integration
Following the recent Staking v0.2 update, Chainlink experienced a significant upward trend empowered by Swell Network’s integration of Chainlink CCIP (Cross-Chain Interoperability Protocol). This strategic move towards faster transactions resulted in an 8% price increase within just two days and was supported by the substantial accumulation of top whales.
Santiment revealed a notable trend by analyzing the on-chain data. The top 200 wallets strategically added an impressive $50 million worth of LINK assets in the past five weeks. This accumulation following the Staking v0.2 upgrade highlighted the increasing confidence of major players in Chainlink’s potential.
Chainlink’s remarkable growth extends beyond price. Its market value has increased by an impressive 143% in just five months. Compared to Bitcoin, Chainlink has seen a significant 93% increase in whale accumulation.
Staking v0.2 Transition Sparks Market Activity
The recent increase in Chainlink’s market activity can be traced from the transition from Staking v0.1 to v0.2. Staking v0.1 was deactivated on November 28, 2023, halting reward emissions and securing Chainlink services. Participants from v0.1 need to transition their tokens to staking v0.2 as specified in the staking program.
The community pool for Staking v0.2 is limited to 40,875,000 LINK. The pool has already seen significant participation with 19,041,871 LINK tokens. This change played a significant role in the recent price increase and overall market activity.
Rise of LINK and Future Outlook
As of the latest update, Chainlink (LINK) is trading at $15.66, with a significant increase of 5.56% in the past 24 hours and 5.96% in the past 7 days. With a 24-hour trading volume of $613 million, it contributed to a market value of $8.7 billion.
The price increase has also elevated Chainlink’s Total Value Staked (TVS) to impressive levels, surpassing $16 billion primarily due to the influence of Staking. In the midst of this upward momentum, analysts predict that LINK has the potential to break the $20 resistance level in the near future, especially if whale activities continue and investor interest intensifies.