Chainlink Shows Strong Performance as Whales Accumulate - Latest cryptocurrency news

Chainlink Shows Strong Performance as Whales Accumulate

Cryptocurrency Chainlink (LINK) has outperformed other altcoins, showing a strong performance. Big whales have been accumulating LINK, adding more than $50 million to their holdings in the past five weeks. This continuous accumulation has contributed to a significant increase of 143% in Chainlink’s market value in the last five months.

Following the Staking v0.2 update, Chainlink experienced a significant rise due to Swell Network’s integration of the Chainlink CCIP (Cross-Chain Interoperability Protocol). This strategic move for faster transactions supported an 8% increase in price within just two days and further supported the significant accumulation by big whales.

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Santiment, analyzing on-chain data, revealed a strategic trend by the top 200 wallets, adding an impressive $50 million worth of LINK assets in the past five weeks. This accumulation following the Staking v0.2 upgrade highlights the increased confidence of major players in Chainlink’s potential.

Chainlink’s impressive growth is not limited to its price. Its market value has shown a 143% increase in just five months. Compared to Bitcoin, Chainlink experienced a significant 93% increase in whale accumulation.

The recent increases in Chainlink’s market can be traced back to the transition from Staking v0.1 to v0.2. Staking v0.1 was discontinued on November 28, 2023, securing Chainlink services by halting reward distribution. The community pool for Staking v0.2 is limited to 40,875,000 LINK, and the pool has already seen significant participation with 19,041,871 LINK tokens. This change has played a significant role in price increase and overall market activity.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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