Chainlink Price Soars 15% as Whales Make Major Moves

• Two cryptocurrency whales have bought a large amount of Chainlink (LINK) tokens, causing its price to surge by 15%.
• The two whales executed a token swap worth $5.72 million at an average price of $7.25 per LINK token.
• Chainlink’s Cross-chain Interoperability Protocol (CCIP) was launched in Aug 2021 to enable seamless and cost-effective value exchange between distributed ledgers.

Major Token Swap Causes Chainlink Price Surge

Two cryptocurrency whales have acquired a substantial amount of Chainlink (LINK). As a result, the LINK token experienced a 15% increase in the past 24 hours, reaching $8.12. On the weekly timeframe, LINK has experienced a significant surge of 12.9%.

Whales Buy Over 788k LINK Tokens

The two traders swapped 3,146 staked ethereum (stETH) and ethereum ( ETH ) tokens worth $5.72 million to purchase 788,877 Chainlink (LINK) tokens at an average price of $7.25 per LINK token. This acquisition was done strategically as it caused an immediate spike in the price of LINK tokens and attracted widespread attention from the crypto community .

Chainlink’s Cross-chain Interoperability Protocol

In Aug 2021, Chainlink released its Cross-chain Interoperability Protocol (CCIP), to enable seamless and cost-effective value exchange between distributed ledgers. Last month , Chainlink released its Q2 2023 product update outlining its focus on three crucial pillars: data, computing, and cross-chain capabilities .

Falling Wedge Breakout Could Lead To 260-280% Profit Potential

According to CryptoFaibik , LINK’s price could experience a significant increase of 260% to 280% in the midterm due to potential Falling Wedge Breakout . A Falling Wedge pattern is considered bullish signal that could lead to an increased price if breakout occurs .

Coinbase Integrates with ChainLink Price Feeds

Coinbase’s Base integrated with ChainLink Price Feeds which enables users access real-time market prices for cryptocurrencies listed on Coinbase Pro . This integration will allow users access reliable data sources for their trading strategies , portfolio management , hedging against volatility etc .