Chainlink (LINK) Skyrockets 293% in Bullish Whale Activity: What's Driving Surge?
09/24/2024 21:17
Spikes in Large Transaction Volume indicate increased activity among institutional players
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Decentralized oracle network Chainlink (LINK) has seen a significant surge in whale activity over the last 24 hours.
According to IntoTheBlock data, Chainlink is reporting a 293% increase in large transaction volume, which is an indicator of whale activity. This amounted to $82 million over the last 24 hours, or 7.28 million LINK in crypto terms.
Large Transaction Volume estimates the total amount transacted by whales and institutional participants on a particular day. Spikes in Large Transaction Volume indicate increased activity among institutional players - either buying or selling.
Related
The surge in whale activity comes days after Chainlink performed its massive token unlock. Over the weekend, the Chainlink noncirculating supply wallet unlocked a massive $207.4 million worth of LINK.
Chainlink unlocked and transferred 18.75 million LINK from five noncirculating supply addresses, of which 18.125 million were transferred to Binance, worth approximately $207 million.
Every three months, Chainlink's noncirculating supply address unlocks and transfers around 20 million LINK. Since 2022, over 133.4 million LINK tokens worth $1.29 billion have been unlocked and transferred to Binance in this manner.
Chainlink price and recent developments
At the time of writing, LINK, the Chainlink network's native crypto asset, was up 0.70% in the last 24 hours to $11.51, and up 8.56% weekly. LINK is presently the 14th largest cryptocurrency, with a market valuation of $7.22 billion.
Related
On Sept. 23, 21.co, the parent company of cryptocurrency asset manager 21Shares, announced that Chainlink's proof of reserve will be added to 21BTC to resolve potential concerns about the Bitcoin wrapper's backing.
Chainlink's proof of reserves automatically audits financial data, including off-chain reserve balances, and sends the information to a blockchain-based smart contract in real time.