Here’s How Much Chainlink (LINK) Whales Accumulated Last Week

Crypto whales have been on an accumulation spree in the past week, amassing millions of LINK, the native token of the decentralized oracle network Chainlink. 

According to a tweet by on-chain analyst Ali, Chainlink whales have accumulated more than 6.2 million LINK worth approximately $76.88 million in the past seven days. This indicates substantial interest from investors and an increasing adoption of Chainlink’s technology.

Chainlink Whales in Accumulation

Earlier last week, on-chain analytics platform Lookonchain revealed that fresh wallets have been withdrawing LINK from crypto exchanges. Around 54 new wallets withdrew 2.08 million LINK worth $30.28 million, per prices at the time, from Binance in the last week of June.

Although the owners of the addresses are unknown, Lookonchain speculated that the wallets were linked to institutions and whales. The surge in LINK accumulation comes as Chainlink sees increasing development activity. 

Crypto market intelligence platform Santiment found earlier this month that Chainlink is one of the top coins by development frequency. On a list containing ten projects, including Optimism, Cardano, ZKsync, and Aptos, Chainlink took second place after decentralized blockchain alternative Hedera, climbing from fourth place in May.

In June, Santiment also disclosed that Chainlink remained the most-developed real-world crypto asset for two consecutive months. The market intelligence platform pulled Chainlink’s GitHub data from its repository through a back-tested process to make sure only the project’s team’s efforts to improve are included.

LINK Up 4% In 24 Hours

One of the results of Chainlink’s innovative efforts is the network’s Cross-Chain Interoperability Protocol (CCIP), which offers a simple interface through which decentralized applications and web3 entrepreneurs can meet all their cross-chain needs by sending messages, transferring tokens, and initiating actions across blockchains.

Chainlink’s CCIP supports smart contracts and externally owned accounts. It runs across nine major blockchains, including Ethereum, Optimism, BNB Chain, Arbitrum, and Polygon. The network’s rising utility and blockchain interoperability have attracted prominent investors and institutions, fueling strategic partnerships with top traditional finance firms, including the United States Depository Trust and Clearing Corporation (DTCC), which used the CCIP to complete the Smart NAV pilot in May

Substantial institutional attention on LINK suggests that the crypto asset has potential and could record significant gains in the future, hence the whale accumulation. At the time of writing, LINK was worth $13.35, up 4% in the past 24 hours.