Chainlink (LINK) Price Surges 13% Weekly Amid Ongoing Whales Accumulation
Whales have been accumulating the native token for oracle provider Chainlink as LINK prices hit a two-week high.
Institutions and whale accounts have been accumulating LINK over the past week, according to on-chain analytics platform Lookonchain.
In a post on X on July 2, they observed that 54 fresh wallets withdrew 2.08 million LINK worth around $30.3 million from Binance in the past seven days.
The largest two whale wallets moved around $2 million worth of LINK, which has recovered strongly over the past couple of days.
It seems that whales/institutions are accumulating $LINK !
We noticed that 54 fresh wallets withdrew 2.08M $LINK ($30.28M) from #Binance in the past 7 days. https://t.co/SkqA1r0F1N pic.twitter.com/VkPt0kwPb4
— Lookonchain (@lookonchain) July 2, 2024
Chainlink Momentum
LINK prices have been battered in the June market retreat, falling to a monthly low of $13 on June 24.
Nevertheless, the Chainlink ecosystem continues to expand with new integrations. On June 30, the team reported 12 integrations of six of their services across eight different chains. Last week, Chainlink launched its Data Streams product on the Avalanche network.
On July 2, a community member ‘Don’ said that the oracle platform now has 2,566 integrations. He added that 165 projects have integrated the protocols Cross-Chain Interoperability Protocol (CCIP).
Moreover, on July 1, Santiment reported that Chainlink had climbed to second place in terms of developer activity .
The analytics platform counted non-redundant activity from a project and averaged this daily activity over the past 30 days, giving Chainlink a score of 526. Proof-of-stake blockchain Hedera came out on top.
🧑💻 Here are crypto’s top coins by development frequency. Hedera remains at the top spot, with Chainlink sliding into the #2 position.
The below list is sorted by counting any non-redundant activity from a project, and averaging this daily activity over the past 30 days. Arrows… pic.twitter.com/pcmfFC7QVz
— Santiment (@santimentfeed) July 1, 2024
The Chainlink momentum doesn’t end there. On June 28, Coinbase filed for a LINK futures product with the Commodity Futures Trading Commission (CFTC).
Finally, Chainlink investors and followers should be aware of a number of scam accounts on X touting a new LINK-powered gaming platform called “Chainlink Galaxies.” Attention should be paid to the X account name, which is usually a variant or misspelled version of the official Chainlink account.
LINK Price Outlook
LINK prices are up 1% on the day, hitting an intraday high of $14.66 during Asian trading on Tuesday. The asset has recovered almost 13% from its late June dip to $13.
However, LINK, like most altcoins, has been downtrending since its 2024 high of $21.70 in mid-March. It also remains down 74% from its all-time high of $52.70 in May 2021.
With a strong real-world asset (RWA) tokenization narrative, Chainlink investors remain confident that the asset will perform well when the altseason begins.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
