Blockchain-based oracle service provider Chainlink (LINK) is trading at $6.58, registering a nearly 6% increase in the past 24 hours. The rise in the price of LINK is accompanied by a significant increase in activity on the chain, indicating a growing interest in Chainlink.
Four Chainlink Wallet Addresses in the Spotlight with Transactions
Within the last 24 hours, four Chainlink wallet addresses have accumulated a total of 18.75 million LINK, amounting to $119 million, across different trading platforms. These wallet addresses, originally created to manage tokens not in circulation, transferred approximately 15.7 million LINK, valued at around $100 million, to the cryptocurrency exchange Binance. Additionally, approximately 3.05 million LINK tokens, worth about $19 million, were transferred to a multi-signature wallet address starting with 0xD50f.
Lookonchain, a chain analysis company, highlighted that these wallet addresses have been routinely sending LINK to Binance every three months since August 2022. With the recent transactions, the wallet addresses have moved a total of 71.8 million LINK, valued at $446 million, to Binance. This significant increase in the number of newly circulating LINK has raised concerns among investors.
Significant Collaborations Boosting LINK’s Price
The recent price increase of LINK may be attributed to the partnerships Chainlink has established with traditional financial players. One notable collaboration is the successful tokenization test conducted with SWIFT. This initiative involves collaboration with major banking institutions such as BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.
Furthermore, the Australia and New Zealand Banking Group (ANZ) utilized Chainlink’s cross-chain interoperability protocol to test the A$DC stablecoin. The bank was able to seamlessly transfer funds across both public and private blockchain networks, contributing to ongoing tests examining the efficiency and security of deploying real-world assets on the blockchain.
Chainlink has effectively explored the potential for harmonious coexistence between banks and the cryptocurrency sector by addressing shared concerns regarding individual CBDCs. Additionally, Chainlink’s product, which has received positive feedback, serves as a “universal communication interface” to facilitate communication between different blockchain networks through its oracle network. It will be interesting to see if LINK can maintain its upward trend and surpass $6.5.
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