A new interoperability protocol, released this week, is gaining attention in whales as well as individuals. According to the data, whales are rapidly exchanging their ETH reserves for this altcoin.
Altcoin whales buy new Chainlink news
Chainlink’s Cross-Chain Interoperability Protocol (CCIP) debuted earlier this week. Popular analyst Michaël van de Poppe described this development as a historic buying opportunity. The analyst was justified in his expectations. Chainlink (LINK) gained double digits on Thursday amid heavy whale demand.
According to the data, Chainlink price soared after the launch of the new protocol as whales exchanged ETH for LINK. LINK is currently trading above $8. Recent price movements helped him push his weekly gains above 25%. LINK was among the most appreciated altcoins of the day.
Whales lead the rally
On-chain data shows that some whales increased their LINK balances to $6 million this morning, with increased demand pushing prices up to 6%. According to the report by on-chain researcher Lookonchain:
2 whales (possibly the same person) just bought 788,877 LINK ($6 million) at $7.62. Whale traded 788,877 LINK for 3,074 stETH ($5.87 million) and 71 ETH ($136,000). This purchase increased the LINK price by 6.5%.
2 whales (probably the same person) bought a total of 788,877 $LINK ($6 million) for $7.62 just now.
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
— Lookonchain (@lookonchain) July 20, 2023
CCIP is designed to help build cross-chain applications and services. It was now being tested by at least 25 partners that started rolling out on the mainnet and was live-streamed for early access users on Avalanche, Ethereum, Optimism and Polygon networks. On Thursday, CCIP will be available to all developers on the five testnets. These are Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai.
What’s next for LINK?
Santiment’s data showed that the balance of addresses holding 0 to 1 million LINK increased incredibly. At the same time, the rate of accumulation was not slowing down either. In most cases, this points to a widespread belief that LINK may be heading for another spike.
Looking at the price adjusted for Daily Active Addresses (DAA) deviation, active addresses decrease as the price increases. This was a clear indication that the Chainlink network could prepare for another uptrend.
Regarding development activity, Chainlink continues to dominate. This serves as a bullish signal. At the same time, the increase was also linked to the latest news. In a nutshell, Chainlink developed the Cross-Chain Interporeabilty Protocol (CCIP) to promote seamless communication between networks while offering access to traditional finance projects. It was relatively effective in the last partnerships we transferred as Kriptokoin.com.
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