Surge in Chainlink (LINK) Whale Transactions and Trading Volume, Reveals Santiment, a Crypto Analytics Firm

On Thursday, Chainlink (LINK) experienced an impressive price surge of approximately 19%. This notable increase can be attributed to the rollout of a new protocol by the blockchain oracle, coupled with significant upticks in both whale transactions and trading volume.

Last week, LINK introduced its groundbreaking Cross-Chain Interoperability Protocol (CCIP) into the "Mainnet Early Access phase" on prominent blockchain networks like Ethereum (ETH), Optimism (OP), Polygon (MATIC), and Avalanche (AVAX).

The primary objective of this interoperability protocol is to streamline the development of cross-chain applications and services while facilitating effortless token transfers across different blockchains.

As per a recent analysis by esteemed crypto analytics firm Santiment, LINK's trading volumes have been showing a steady and significant upswing lately, indicating a growing and heightened interest in this asset.

According to the analytics firm Santiment, whale transactions concerning LINK have been witnessing a notable increase. Santiment emphasizes that in the dynamic realm of cryptocurrencies, monitoring the activities of large-scale holders, commonly known as "whales," can provide valuable insights into prevailing market trends.

As of the current writing, Chainlink (LINK) is experiencing a trading value of $8.27. This 22nd-ranked cryptocurrency, based on market capitalization, has surged impressively, rising by 18.84% in the last 24 hours and over 19.5% in the past week.

In the year 2023, LINK has seen substantial growth, boasting a remarkable increase of more than 47%. However, it's essential to note that despite this positive trend, LINK is still down by more than 84% from its all-time high of $52.70, which was achieved in May 2021.

Jul 22, 2023