The recent trend of representing tangible assets digitally through tokenization has sparked a substantial uptick in Chainlink‘s market value. With a 40% rise in its price over a month, Chainlink (LINK) has caught the attention of major investors, with crypto whales acquiring over $50 million in tokens. Analysis by Lookonchain highlights significant purchases of LINK tokens from Binance by new wallets believed to belong to these whales.
Whale Investors Bet Big on LINK
On-chain data scrutiny by Lookonchain revealed that 49 new wallets have been set up to procure 2.7 million LINK tokens, coinciding with Chainlink’s market capitalization soaring past $10 billion. The largest transaction from these wallets saw over $9 million in LINK tokens moved from exchanges in ten days. Each involved wallet’s holdings ranged from a few hundred thousand dollars to several million worth of LINK.
Chainlink’s Strategic Moves and Market Impact
Market analysts from K33 Research have identified Chainlink as a secure channel to benefit from the wave of tokenizing real-world assets such as gold, stocks, and real estate. The Boston Consulting Group forecasts that by 2030, tokenized real-world assets could amass a market value of $16 trillion. In a strategic expansion, Chainlink connected its protocols with those of Circle’s stablecoin framework to streamline USDC stablecoin transfers across chains.
CoinGlass data shows that the dollar value of Chainlink’s open futures contracts has more than doubled recently, hitting $520 million. The cryptocurrency’s open interest saw a 62% hike, translating to nearly 30 million LINK. This surge in open interest is indicative of fresh liquidity entering the market.
Despite these positive indicators, LINK’s price faced a minor slip of 2% in the latest 24-hour period to $18.32, with a corresponding 20% drop in trading volume to $634 million, demonstrating the market’s volatility.