Santiment, a crypto market analysis firm, has recently reported that Chainlink has just witnessed its largest transaction in history. The transaction, which took place 12 hours ago, amounted to a staggering $106 million in LINK, the biggest move made by LINK since June last year.
Santiment disclosed that the transfer was made to a new whale address just four hours before LINK’s peak price of $8.34, which is the highest it has been since the FTX collapse.
The token has experienced a surge in its price, along with several other tokens, due to the bullish trend that the crypto market has witnessed in recent weeks.
According to data from CoinMarketCap, in the last 24 hours, LINK’s price has decreased by about 1.87%, and the coin is currently trading at $7.98. Additionally, the token is experiencing a significant rise of about 20% in the weekly chart.
However, this significant transaction has raised concerns about its potential impact on the token’s price. Some market analysts speculate that the transfer to a new whale address may indicate a major market player acquiring a significant amount of LINK.
It remains to be seen how this massive transaction will affect the coin’s price in the long term. Despite the uncertainty, the recent surge in the token’s price is a positive development for investors who have been longing for a bullish trend after a prolonged bearish market.
LUXON Joins Chainlink BUILD Program
The rise in LINK’s price can be attributed to the recent announcement that LUXON, a Web3 gaming platform, has officially become a member of the Chainlink BUILD program.
Through this partnership, LUXON will have access to “Chainlink Web3 services, technical expertise, and community support,” which will enable the company to create more advanced gaming solutions and speed up user growth on its platform.
The alliance will enable LUXON to leverage the security and reliability benefits provided by Chainlink oracle infrastructure. Moreover, by having greater access to Chainlink Automation, LUXON can automate in-game mechanics, while Chainlink VRF can ensure fair minting and distribution processes for LUXON’s NFT collections.
Furthermore, as part of the company’s commitment to the BUILD program, LUXON has decided to allocate a portion of its total token supply to incentivize Chainlink service providers, including stakers.
By establishing aligned incentives between LUXON and Chainlink, this program will foster sustainable growth and adoption in the long run, benefiting LUXON, the Chainlink ecosystem, and the wider Web3 community.
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