On Thursday, the price of chainlinks skyrocketed as investors praised the most recent product information and whale acquisitions. The LINK token skyrocketed to an all-time high of $8.20, reaching its highest point since April 20 of this year. When compared to the lowest point in June, it has increased by more than 65%.
Link whales are looking for chainlink because of two main factors. As I mentioned exactly here, the developers first revealed their plans to establish a new Cross-Chain Interoperable Protocol (CCIP). This is a significant advancement in the movement to connect traditional financial institutions to the blockchain.
By enabling organizations like banks and insurance firms to connect to the blockchain, CCIP will expand Chainlink’s use case. The disclosure came one month after Chainlink disclosed that, through its relationship with Swift, it was conducting a trial of connecting banks to the blockchain.
Second, there are signs that whales are starting to look around for the coin. Two whales bought 788,877 LINK tokens this week, according to data. By exchanging their stETH and ETH tokens for LINK, they were able to buy these tokens. In the past, whale accumulation has frequently been one of the finest purchasing indicators on the market.
Chainlink open arousing curiosity
Meanwhile, data from Coinglass shows that open interest in the futures market has increased to its highest level since November. Open curiosity, a crucial indicator of the number of futures contracts owned by market participants, is used in the futures market. The following indication is frequently bullish.
The open curiosity for Chainlink has increased to over $267 million, with the majority coming from Binance. Bybit, OKX, and Bitget are just a few of the major exchanges on the other side.
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Binance
Since its founding in 2017, Binance has experienced exponential growth and is currently one of the biggest cryptocurrencies exchanges available.
