{"id":573628,"date":"2024-02-06T19:00:30","date_gmt":"2024-02-06T19:00:30","guid":{"rendered":"https:\/\/ktsl888.com\/?p=573628"},"modified":"2024-02-06T14:41:47","modified_gmt":"2024-02-06T14:41:47","slug":"whale-chainlink-whats-going-on-with-link","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/chainlink\/whale-chainlink-whats-going-on-with-link\/","title":{"rendered":"Whale Rapidly Accumulating Chainlink: What’s Going On With LINK?"},"content":{"rendered":"

A mysterious whale is rapidly accumulating Chainlink (LINK). According to Lookonchain, the unknown entity, possibly an institution,\u00a0<\/span>withdrew<\/span><\/a>\u00a0over 2.2 million LINK (worth $42.38 million) via 47 new wallets from Binance, the world’s largest crypto exchange by trading volume, in two days. <\/span><\/p>\n

This sudden block withdrawal now raises questions about what’s driving the whale’s interest and what it could mean for LINK in the coming days.<\/span><\/p>\n

\"Crypto
Crypto whale accumulating LINK | Source: Lookonchain via X<\/figcaption><\/figure>\n

Chainlink Is Key In DeFi And NFTs, Gradually Improving\u00a0<\/span><\/h2>\n

Chainlink is a popular project that provides secure middleware services and allows smart contracts to access tamper-proof external data. For this role, the platform has been adopted by multiple protocols offering decentralized finance (defi) services in Ethereum and beyond.\u00a0<\/span><\/p>\n

Additionally, Chainlink plays a role in non-fungible tokens (NFTs) through its random number generator (RNG). It continues to release new products and enhance its features.<\/span><\/p>\n

Related Reading: Market Dip? Not For Dogecoin Wallets As Over 400,000 New Users Drive Frenzy Upward<\/a><\/div>\n

To illustrate, in November, Chainlink upgraded its staking mechanism, releasing<\/a> v0.2, which significantly increased the pool size to 45 million LINK.\u00a0<\/span><\/p>\n

The platform noted that the decision was to attract more investors and, more importantly, bolster its security while concurrently aligning with its broader objective of attaining the “Economics 2.0” plan.<\/span><\/p>\n

Initially, staking began in December 2022. The goal was to incentivize participation by expanding the utility of LINK and allowing stakers to receive rewards.\u00a0<\/span><\/p>\n

The release of v0.2 in November means more tokens can be locked, helping make LINK scarce, considering the role of the token in the vast Chainlink ecosystem.\u00a0<\/span><\/p>\n

Trackers show<\/a> that over 40.8 million LINKs have been locked so far. Chainlink confirms that anyone can earn a variable reward rate of 4.32%.<\/span><\/p>\n

\"LINK
LINK staked | Source: Chainlink<\/figcaption><\/figure>\n

Beyond staking, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is gaining adoption. To illustrate, the Hong Kong Monetary Authority (HKMA) initiated its first phase of e-Hong Kong Dollar (e-HKD) trials in November, integrating CCIP.\u00a0<\/span><\/p>\n

Related Reading: Ripple Initiates Large XRP Transactions Post Legal Setback<\/a><\/div>\n

As part of this trial, the regulator wanted to illustrate the capabilities of programmable payments enabled by Chainlink via its solution, CCIP. In DeFi, protocols such as Synthetix and Aave have adopted CCIP.\u00a0<\/span><\/p>\n

Will LINK Breach $20?<\/span><\/h2>\n

With more protocols and traditional institutions leveraging the technology, the demand for LINK (and prices) will likely increase as the fear of missing out (FOMO) kicks in.<\/span><\/p>\n

While the whale’s motives remain unknown, their large-scale LINK accumulation suggests they might be bullish on the token. Notably, it coincides with the sharp expansion of LINK prices in the past 48 hours.\u00a0<\/span><\/p>\n

\"Chainlink<\/a>
Chainlink price trending upward on the daily chart: Source: LINKUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

So far, the token is changing hands slightly below the $20 psychological resistance. Any breakout above this level might lift the token to around $35 in Q3 2021.<\/span><\/p>\n

Feature image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

A mysterious whale is rapidly accumulating Chainlink (LINK). According to Lookonchain, the unknown entity, possibly an institution,\u00a0withdrew\u00a0over 2.2 million LINK (worth $42.38 million) via 47 new wallets from Binance, the world’s largest crypto exchange by trading volume, in two days. This sudden block withdrawal now raises questions about what’s driving the whale’s interest and what it could mean for LINK in the coming days. Chainlink Is Key In DeFi And NFTs, Gradually Improving\u00a0 Chainlink is a popular project that provides secure middleware services and allows smart contracts to access tamper-proof external data. For this role, the platform has been adopted by multiple protocols offering decentralized finance (defi) services in Ethereum and beyond.\u00a0 Additionally, Chainlink plays a role in non-fungible tokens (NFTs) through its random number generator (RNG). It continues to release new products and enhance its features. Related Reading: Market Dip? Not For Dogecoin Wallets As Over 400,000 New Users Drive Frenzy Upward To illustrate, in November, Chainlink upgraded its staking mechanism, releasing v0.2, which significantly increased the pool size to 45 million LINK.\u00a0 The platform noted that the decision was to attract more investors and, more importantly, bolster its security while concurrently aligning with its broader objective of attaining the “Economics 2.0” plan. Initially, staking began in December 2022. The goal was to incentivize participation by expanding the utility of LINK and allowing stakers to receive rewards.\u00a0 The release of v0.2 in November means more tokens can be locked, helping make LINK scarce, considering the role of the token in the vast Chainlink ecosystem.\u00a0 Trackers show that over 40.8 million LINKs have been locked so far. Chainlink confirms that anyone can earn a variable reward rate of 4.32%. Beyond staking, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) is gaining adoption. To illustrate, the Hong Kong Monetary Authority (HKMA) initiated its first phase of e-Hong Kong Dollar (e-HKD) trials in November, integrating CCIP.\u00a0 Related Reading: Ripple Initiates Large XRP Transactions Post Legal Setback As part of this trial, the regulator wanted to illustrate the capabilities of programmable payments enabled by Chainlink via its solution, CCIP. In DeFi, protocols such as Synthetix and Aave have adopted CCIP.\u00a0 Will LINK Breach $20? With more protocols and traditional institutions leveraging the technology, the demand for LINK (and prices) will likely increase as the fear of missing out (FOMO) kicks in. While the whale’s motives remain unknown, their large-scale LINK accumulation suggests they might be bullish on the token. Notably, it coincides with the sharp expansion of LINK prices in the past 48 hours.\u00a0 So far, the token is changing hands slightly below the $20 psychological resistance. Any breakout above this level might lift the token to around $35 in Q3 2021. Feature image from iStock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":556782,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[79511,83417,16295,89571,79580,91569,2359,82825,79480,83358],"class_list":["post-573628","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-aave","tag-aaveusdt","tag-chainlink","tag-chainlink-ccip","tag-chainlink-price","tag-chainlink-staking","tag-hong-kong","tag-link-price","tag-linkusdt","tag-synthetix"],"acf":[],"yoast_head":"\nWhale Rapidly Accumulating Chainlink: What's Going On With LINK?<\/title>\n<meta name=\"description\" content=\"Crypto whale is rapidly accumulating Chainlink, on-chain data shows. 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His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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