A new interoperability protocol, released this week, is gaining attention in whales as well as individuals. According to the data, whales are rapidly exchanging their ETH reserves for this altcoin.
Altcoin whales buy new Chainlink news
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) debuted earlier this week. Popular analyst Michaël van de Poppe described this development as a historic buying opportunity. The analyst was justified in his expectations. Chainlink (LINK) gained double digits on Thursday amid heavy whale demand.
According to the data, Chainlink price soared after the launch of the new protocol as whales exchanged ETH for LINK. LINK is currently trading above $8. Recent price movements helped him push his weekly gains above 25%. LINK was among the most appreciated altcoins of the day.
Whales lead the rally
On-chain data shows that some whales increased their LINK balances to $6 million this morning, with increased demand pushing prices up to 6%. According to the report by on-chain researcher Lookonchain:
2 whales (possibly the same person) just bought 788,877 LINK ($6 million) at $7.62. Whale traded 788,877 LINK for 3,074 stETH ($5.87 million) and 71 ETH ($136,000). This purchase increased the LINK price by 6.5%.
CCIP is designed to help build cross-chain applications and services. It was now being tested by at least 25 partners that started rolling out on the mainnet and was live-streamed for early access users on Avalanche, Ethereum, Optimism and Polygon networks. On Thursday, CCIP will be available to all developers on the five testnets. These are Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai.
What’s next for LINK?
Santiment’s data showed that the balance of addresses holding 0 to 1 million LINK increased incredibly. At the same time, the rate of accumulation was not slowing down either. In most cases, this points to a widespread belief that LINK may be heading for another spike.
Looking at the price adjusted for Daily Active Addresses (DAA) deviation, active addresses decrease as the price increases. This was a clear indication that the Chainlink network could prepare for another uptrend.
Regarding development activity, Chainlink continues to dominate. This serves as a bullish signal. At the same time, the increase was also linked to the latest news. In a nutshell, Chainlink developed the Cross-Chain Interporeabilty Protocol (CCIP) to promote seamless communication between networks while offering access to traditional finance projects. cryptocoin.com It has been relatively effective in the last partnerships we cited.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow on. Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.