The concept of tokenizing real-world assets, one of the emerging ideas in cryptocurrencies, has triggered approximately a 40% increase in the price of Chainlink (LINK) over the last 30 days. During this period, some crypto whales have apparently made token purchases exceeding $50 million.
Whales Making LINK Purchases
Lookonchain, known for analyzing on-chain data, revealed that whales used 49 new wallets to buy 2.7 million LINK tokens from the cryptocurrency exchange Binance. This buying activity coincided with the price reaching its highest level in 22 months and the market value exceeding $10 billion.
According to the data disclosed by Lookonchain, one of the wallets transferred over $9 million worth of LINK tokens from exchanges in the last 10 days. The data also showed that each wallet held between $230,000 and $3.5 million in LINK.
The Future of Chainlink (LINK)
In January, analysts at K33 Research stated that LINK is increasingly becoming the safest way to profit from the tokenization of real-world assets (RWA).
The purpose of tokenization is to pave the way for assets like gold, stocks, and real estate to be represented as digital assets on a blockchain. According to Boston Consultancy Group, the value of tokenized RWAs could reach $16 trillion by the year 2030.
Last month, Chainlink made a significant move by connecting its Cross-Chain Interoperability Protocol (CCIP) to the Cross-Chain Transfer Protocol (CCTP) of stablecoin company Circle, facilitating the transfer of users’ USDC stablecoins using cross-chain technology.
Furthermore, data provided by CoinGlass indicates that the dollar value of open futures contracts for LINK has more than doubled in the last few months, reaching $520 million. When examined in terms of the cryptocurrency, open interest saw an increase of about 62%, reaching nearly 30 million LINK.
This increase in open interest suggests a new influx of liquidity into the market. Alongside the rise in open interest, the increase in price also confirms this trend. According to 21milyon.com data, the price of LINK has fallen by 2% in the last 24 hours to $18.32, while the 24-hour trading volume has decreased by 20% to $634 million.
