A prominent crypto analyst, Ali, has recently disclosed that Chainlink whales have acquired significant LINK over the past 10 days, resulting in an astonishing total of $24 million. To support this claim, Ali shared a screenshot of the LINK/USD daily chart, showing a steady rise in the crypto token’s value during that period with a minor correction.
Remarkably, these purchasing activities coincided with the news of Chainlink’s successful completion of a blockchain experiment in collaboration with Swift, an interbank communication system. As part of Swift’s Digital Asset Innovation Program, the experiment facilitated tokenized value movement across multiple private and public blockchains.
This initiative strives to explore the potential applications of distributed ledger technology (DLT) in cross-border payments and securities settlement. Notably, Chainlink played a vital role by offering Oracle services to connect Swift’s existing infrastructure with different DLT platforms.
According to Santiment, a reputable crypto analytics platform, there was substantial growth within Chainlink’s key whale tier during these 10 days. This group holds anywhere between 10,000 and 100,000 LINK tokens and expanded their holdings by incorporating over 3,127 wallets into their network.
In terms of overall supply volume, this represents an increase equivalent to 0.154%, totaling approximately $9.6 million worth of LINK tokens. Additionally reported by Santiment is that within just three days’ time frame alone, this particular address class added an impressive count of 98 new wallets to their portfolio.
Chainlink Founder Hails Tokenization As The Next Frontier Of Finance
Sergey Nazarov, the founder of Chainlink, expressed his enthusiasm for the potential partnership between Chainlink and Swift. In a blog post dated Sept. 8, he highlighted the increasing recognition among major financial institutions and leading market infrastructures regarding the value of tokenization.
This signifies a pivotal moment for blockchain adoption in capital markets, with on-chain finance emerging as the new frontier. Currently, LINK is trading at $6.07, reflecting a 2.10% decrease over the past 24 hours. During periods of price dips, large holders or “whales” typically take advantage to acquire more tokens at discounted prices.
However, it’s important to note that LINK might face some downside risk as it approaches a death cross formation on its daily charts. A death cross denotes when the 50-day moving average falls below the 200-day moving average and is generally regarded as a bearish indicator.
Previous instances have shown that a death cross often precedes a bottoming phase for Chainlink’s price trajectory. In June, following the occurrence of a death cross, LINK reached its lowest point at $4.83 before experiencing subsequent highs of $8.39 within just under one month.
Related Reading | Chainlink’s Key Accumulation: Wallets Holding $10K-$100K LINK Soar