Chainlink’s LINK token is back to the levels it once enjoyed in 2021 following a recent price rally that saw it near the $30 mark.
Chainlink’s LINK token LINK $28.67 24h volatility: 2.3% Market cap: $17.97 B Vol. 24h: $5.08 B is back to the levels it once enjoyed in 2021 following a recent price rally. However, the rally has been linked to a recent move by World Liberty Financial after the platform, which is backed by the Trump family, invested heavily in the token.
On Thursday, and for the second consecutive day, World Liberty Financial purchased $1 million worth of LINK. This brings the platform’s total LINK holdings to $2 million, as the token becomes the fourth-largest asset in its portfolio. That is, after only Ethereum ETH $3 904 24h volatility: 0.5% Market cap: $470.24 B Vol. 24h: $43.16 B , Bitcoin BTC $100 532 24h volatility: 0.0% Market cap: $1.99 T Vol. 24h: $92.13 B , and Tether USDT $1.00 24h volatility: 0.1% Market cap: $140.17 B Vol. 24h: $159.56 B .
Notably, the platform has also boosted its AAVE holdings to $1.2 million after it acquired $246,000 worth of Aave AAVE $374.6 24h volatility: 2.3% Market cap: $5.62 B Vol. 24h: $2.58 B in another recent transaction.
World Liberty Financial’s platform focuses its operation on borrowing and lending cryptocurrencies, creating liquidity pools, and transacting with stablecoins.
It also uses Chainlink’s services for pricing data and cross-chain interoperability. These services ensure that the platform is able to interact well with the wider crypto ecosystem.
Chainlink is able to render support to World Liberty Financial because it serves as a bridge between blockchains and external systems. This makes it easy for smart contracts to access real-world data.
Although WLFI serves as the governance token for the World Liberty Financial platform, LINK tokens are used to compensate node operators for retrieving off-chain data and executing computations.
Interestingly, there seems to be more to this partnership as World Liberty’s continued investments in LINK suggest. However, the first pointer might be that the platform now holds rising confidence in the utility and growth potential of Chainlink’s oracle services.
Reacting to the news of World Liberty’s latest investment, the market has jumped in excitement. LINK price rose 19.8% in the last seven days and over 112% since the platform’s initial investment.
As of press time, the price of LINK was resting at $28.47, reflecting soaring market interest. That is not to mention the record-breaking open interest (OI) in LINK futures also happening at the same time.
For the purpose of clarity, open interest refers to the total number of unsettled futures contracts in the market, which has now surpassed $860 million.
As might be popularly known, rising prices, alongside increasing OI, are all usually signs that there might be room for prices to even grow further.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.
