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Chainlink price struggles to recover despite $77 million worth of LINK accumulated by whales

  • Chainlink network’s large wallet investors have scooped up 11 million LINK over the past month.
  • Chainlink is likely to see a recovery in its adoption and utility among developers and projects with mainnet early access to CCIP.
  • LINK price is $8.056 on Binance at the time of writing, the altcoin has sustained below resistance at $9 throughout 2023. 

Ethereum Community Conference (EthCC) in Paris in mid-July 2023 was an opportunity for Chainlink to launch the Cross-Chain Interoperability Protocol (CCIP) into the early access phase. Chainlink founder Sergey Nazarov informed the community that the CCIP can be viewed as a fragmented space for developers to build applications on top of it.

The launch of CCIP is expected to act as a catalyst for higher adoption of Chainlink as more developers and projects are incentivized to join the ecosystem.

LINK’s bullish on-chain metrics have failed to catalyze a recovery in the altcoin.

Also read: Meta's Zuckerberg reaffirms commitment to metaverse, AI; Worldcoin struggles

Chainlink’s CCIP enters mainnet early access phase, here’s what it means

Chainlink, a decentralized blockchain oracle network, recently rolled out an important protocol at the EthCC conference in Paris. Evaluating the pros and cons of the protocol’s mainnet early access phase, experts argue that Chainlink can be used as a “bridge.” A single token can be used across any blockchain, replacing bridges in the crypto ecosystem.

Lark Davis, an entrepreneur and Bitcoin investor commented on the Chainlink CCIP launch. 

In his blog Davis explains that the current crypto landscape is marked by disjointed chains and the goal of CCIP is to allow these chains to securely transfer data, assets, and smart-contract functionalities. This protocol launch is therefore expected to bring relief to the community of users that bridge coins from one chain to another.

While this development is expected to catalyze Chainlink recovery, the project’s bullish on-chain metrics have failed to push price higher.

Chainlink whales scoop up $77 million worth of LINK

Chainlink whales have accumulated around 11 million worth of LINK over the past month. These tokens are worth a cumulative of $77 million. Whale accumulation is considered typically bullish, however in Chainlink’s case it has failed to catalyze a rally in LINK over the past 30 days.

Chainlink accumulation by whales

Chainlink accumulation by whales

Whales holding between 100,000 to 1,000,000 have added LINK to their portfolio consistently. It remains to be seen whether this bullish on-chain metric can help LINK price recover from its 2022 decline.


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Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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