Chainlink (LINK) Witnesses Surge in Whale Transactions and Trading Volume, Says Crypto Analytics Firm Santiment

Chainlink (LINK) witnessed a price jump of nearly 19% on Thursday as the blockchain oracle rolls out a new protocol combined with upticks in whale transactions and trading volume.

LINK’s new Cross-Chain Interoperability Protocol (CCIP) launched its “Mainnet Early Access phase” on the Ethereum (ETH), Optimism (OP), Polygon (MATIC) and Avalanche (AVAX) blockchains earlier this week.

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The interoperability protocol aims to provide an easy way to build cross-chain applications and services and provide simplified token transfers.

Crypto analytics firm Santiment also notes in a new analysis that LINK’s trading volumes have been “gradually picking up steam recently,” indicating increased interest in the asset.

Source: Santiment

Whale transactions involving LINK are also on the rise, according to the analytics firm.

Says Santiment,

“In the often volatile world of cryptocurrencies, the activity of ‘whales,’ or large-scale holders, serves as an insightful parameter for market trends.”

Source: Santiment

Chainlink is trading at $8.27 at time of writing. The 22nd-ranked crypto asset by market cap is up by 18.84% in the past 24 hours and more than 19.5% in the past week.

LINK is also up more than 47% since the start of 2023, though it still remains more than 84% down from its all-time high of $52.70, which it hit in May 2021.

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The post Chainlink (LINK) Witnesses Surge in Whale Transactions and Trading Volume, Says Crypto Analytics Firm Santiment appeared first on The Daily Hodl.

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