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Chainlink’s LINK Climbs as Whales Add to Holdings Following Protocol Release
The CCIP protocol is designed to help build cross-chain applications and services and went live for early access users on the Avalanche, Ethereum, Optimism and Polygon blockchains this week.
Updated Jul 20, 2023, 10:55 a.m. Published Jul 20, 2023, 10:55 a.m.
Chainlink tokens surged Thursday as wealthy investors swapped ether for link following the release of the company's Cross-Chain Interoperability Protocol (CCIP) earlier this week, data shows.
LINK exchanged hands for $8 around midday in Europe as trading volume more than doubled to $580 million, helping extend weekly gains to over 25%.
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On-chain data shows some whales – or large holders of an asset – added upward of $6 million to their link holdings during the morning, with the increased demand lifting prices as much as 6%.
2 whales (probably the same person) bought a total of 788,877 $LINK ($6 million) for $7.62 just now.
— Lookonchain (@lookonchain) July 20, 2023
The whale swapped all 3,074 $stETH ($5.87M) and 71 $ETH ($136K) for 788,877 $LINK.
This purchase increased the price of $LINK by 6.5%. pic.twitter.com/ajLBP8Vesz
CCIP is designed to help build cross-chain applications and services. It was being tested by at least 25 partners that are now beginning to move to the mainnet, and was pushed live for early access users on the Avalanche, Ethereum, Optimism and Polygon blockchains.
On Thursday, CCIP will become available to all developers across five testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai.
Prices of some other oracle protocols also rose, CoinGecko data shows. In the past 24 hours, Band Protocol’s BAND added 9% while Uma’s UMA and API3 both jumped 5.4%.
Oracles are blockchain-based services that fetch data from outside a blockchain. Blockchains, by design, are immutable stores of data, but can’t verify the veracity of information. This is where oracle networks like Chainlink help – they refer multiple sources of information to provide reliable data to blockchain-based services and products for users.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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