Chainlink’s Market Cap Soars 143% As Whale Accumulates $50 Mln LINK, What’s Next?

Chainlink has shown a huge uptrend recently after the Staking v0.2 upgrade. Flashing light on recent developments, Swell Network has integrated Chainlink CCIP for faster transactions. As soon as the announcement was shared, whales started accumulating LINK and in response to that Chainlink (LINK) price gained 8% in just two days.

Chainlink (LINK) Top Whales Added $50 Mln

Onchain data analysis platform Santiment shows that over the past five weeks, the 200 largest wallets have strategically added a staggering $50 million worth of LINK to their holdings.

Chainlink’s market capitalization has experienced an impressive overall growth of 143% in just five months. What’s even more noteworthy is its exceptional performance compared to Bitcoin, with a remarkable uptick of 93%. With this, Chainlink is now ahead of all other altcoins that have experienced whale accumulation.

If we go in-depth, this massive market movement could be attributed to the recent shift from Staking v0.1 to v0.2. According to the announcement, the Staking v0.1 pool became inactive on November 28, 2023, and is no longer emitting rewards or securing Chainlink services. The LINK holders who participated in v0.1 have to migrate their tokens to staking v0.2 according to the staking program.

The v0.2 community pool has been filled with 19,041,871 LINK tokens with a limit of 40,875,000 LINK.

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LINK To $20?

At the press time, Chainlink (LINK) price was trading at $15.66 with a 5.56% increase in the previous 24 hours and a 5.96% increase in the last 7 days. With a 24-hour trading volume of $613 million and a market cap of $8.7 billion, Chainlink has moved up.

The latest increase has also resulted in a substantial rise in Chainlink’s Total Value Secured (TVS). The TVS was recorded as low as $13 billion last month. However, in early December, the TVS surpassed $16, and that too in Staking alone, leaving many Defi protocols behind.

Since the beginning of the month, the Chainlink price has been on an upward trend, increasing by more than 8%. The consolidated close for November had aroused concerns, but subsequent whale activity has shown that the LINK price has a clear route in the next few days.

If the whale activity persists and investors enter the market, LINK is poised to break the $20 Resistance within this year.

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