Chainlink Whales Buy Millions of LINK Following SWIFT Test

• Chainlink is currently down by 1.2 percent in the last seven days and 1.8 percent in the last 24 hours. 

• According to Santiment data, whales are aggressively purchasing the asset at its current price following the recent achievement from its partnership with SWIFT. 

It was recently reported that SWIFT is demonstrating how it can provide a single point of access to multiple networks using existing and secure infrastructure. This was being executed with a leading Web3 services platform Chainlink (LINK) in addition to major financial institutions and market infrastructures.

According to SWIFT, the experiment succeeded as it moved tokenized value across several private and public blockchains. 

Whales Reaction

In reaction to this, whales have entered the market to aggressively purchase the asset according to a renowned crypto analyst identified as Ali. The analyst referred to Santiment data that shows that Chainlink whales have purchased more than 4 million of the assets worth around $24 million. This was done in the last 10 days. It is important to note that the groundbreaking development by SWIFT and Chainlink was announced on August 31.

On September 7, Chainlink’s top shark tier piled up more of the asset. This shark already had 10,000 and 100,000 LINK. In the last 10 days, there has been a considerable growth in the number of addresses as more than 3127 wallets currently hold 10,000 and 100,000 LINK.

At the time of the Santiment’s data, 98 new shark wallets had been added to the existing ones. 

#Chainlink whales have purchased over 4 million $LINK in just the last 10 days, totaling a staggering $24 million! pic.twitter.com/izwgndcMWM

— Ali (@ali_charts) September 9, 2023

This is the highest it has ever recorded since December 3, 2022. One interesting observation is that $9.6 million worth of LINK was acquired by this class of wallet in just three days, representing 0.154 percent of the circulating supply. 

Founder of Chainlink Lauds the Collaboration

This network growth coupled with the prospect of Chainlink’s partnership with SWIFT was lauded by Chainlink founder Sergey Nazarov. According to him, the recent development portrays the value of tokenization to financial institutions and market infrastructures.

With this, blockchain adoption is also nearing an inflection point in the capital market. According to him, the transition from the proof-of-concept phase to production-level usage for real value could be triggered by Chainlink and CCIP. In this case, three important use cases would be unlocked including:

Enabling secondary markets for tokenized assets across multiple institutional counterparties and banks, by allowing easy asset movement across any blockchain, public or private via CCIP. This means that even if a token is created on one chain, it can be bought from many chains. For example, facilitating Delivery vs. Payment (DvP) with stablecoins/cash/deposit tokens by performing transactions with the exchange of assets across blockchains.

Chainlink’s (LINK) price is still struggling despite the accumulation by whales, as the asset currently trades at $6.00 with a bearish market sentiment. In the last seven days, LINK has declined by 1.2 percent, and 1.88 percent in the last 24 hours. With a market cap of $3,226,633,248 ($3 billion) and a 24-hour trading volume of $119,975,671 ($119 million), Chainlink currently has a safety score of 40/100.

According to analysts, there is a possibility of the asset extending its downward trend as it sets to form a death cross in its daily chart. In other words, its 50-day moving average is moving below the 200-day moving average, indicating a bearish run. 

Best Crypto Exchange for Everyone:

• Invest in Chainlink and 70+ cryptocurrencies and 3,000 other assets.
• 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
• Copy top-performing traders in real time, automatically.
• Regulated by financial authorities including FAC and FINRA.

2.8 Million Users

Get Started

 

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.