Recently, market analyst Ali reported a substantial acquisition of Chainlink (LINK) by Whales, totaling over 7.5 million LINK tokens in the past fortnight. This buying spree, estimated to be around $53 million, has propelled Chainlink to new heights, making it the new market cap leader, surpassing Shiba Inu (SHIB).
Chainlink’s native token, LINK, has been on a bullish streak throughout September, marking an impressive 40% surge from its lowest point to its peak this month. However, industry experts caution that LINK might experience a cooldown as it inches toward overbought territory.
As of the latest data from CoinMarketCap, the price of Chainlink today is trading at $7.78, with a 24-hour trading volume of $317 million. Currently ranked #19, LINK boasts a market cap of $4 billion, with a circulating supply of 556,849,970 LINK coins and a maximum supply capped at 1,000,000,000 LINK coins.
Moreover, LINK has witnessed a surge in daily active addresses, highlighting growing confidence among LINK holders. The peak in daily active addresses occurred on September 27, reaching a monthly high.
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Success
Chainlink recently unveiled the successful results of a case study on the Cross-Chain Interoperability Protocol (CCIP). The experiment, involving Australia and ANZ Bank, demonstrated the protocol’s effectiveness in facilitating cross-chain settlements using tokenized assets. The implications are far-reaching, suggesting a potential shift away from traditional settlement solutions like SWIFT in favor of blockchain-based alternatives.
The network’s official statement emphasized the experiment’s success in showcasing how financial institutions can leverage blockchain technology to provide faster and more efficient cross-border settlements.
The study also hinted at the possibility of financial institutions exploring new asset classes through blockchain technology, opening the door for a substantial influx of liquidity into the blockchain space. With its pivotal role in this potential revolution, Chainlink stands to benefit immensely from the broader adoption of blockchain solutions by financial institutions.
However, LINK’s recent whale purchases, market capitalization surpassing Shiba Inu, and successful CCIP case study results have positioned the cryptocurrency for a promising future. With its continued growth and innovations, the network remains a noteworthy player in the ever-evolving world of cryptocurrencies.