Chainlink witnessed a significant accomplishment on Thursday as it surged above its altcoin competition in the market. The price of the leading decentralized Oracle network was impacted by an unmatched level of LINK accumulation. The token registered the highest amount of transactions this year valued at $1M.
Santiment – a crypto market intelligent platform, shared this update on X (Twitter) on Thursday citing that the price surge was further triggered by an increase in LINK accumulation by wallets holding between 100,000 (100k) to 10 million tokens.
🔗📈 #Chainlink has jumped ahead of the #altcoin pack Thursday. And prices appear to be powered by heavy whale accumulation, with the highest amount of transactions valued at $1M+ this year. Wallets holding 100K-10M $LINK are accumulating rapidly as well. https://t.co/U1vV7JmyNJ pic.twitter.com/gkIm6lhMie
— Santiment (@santimentfeed) July 27, 2023
This rapid activity suggests that high-net-worth investors and institutions are placing significant bets on LINK’s potential performance. With such intense buying pressure, it is hardly surprising that LINK has outperformed its competitors.
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In the past few months, the price of LINK has grown significantly by over 51%, defiling market expectations. Its growth rate beats lots of its competition in the altcoin market. This impressive growth has cemented its position in the rapidly evolving blockchain ecosystem and also cast the spotlight on Chainlink.
What’s more, in May, Chainlink (LINK) was listed among others in the OKX exchange to be available to traders in Hong Kong. The feat can also be referenced as part of the reasons for the growing acceptance of the token.
Chainlink is a technology platform that makes it possible for non-blockchain businesses to easily and securely connect with blockchain platforms. It enables smart contracts on the Ethereum network to securely connect to external data sources.
Chainlink is known as a decentralized Oracle network that uses blockchain technology to enable computations on and off-chain securely. Furthermore, LINK is the native currency of Chainlink, used to pay network operators and also used as collateral in smart contract agreements on the network.
Chainlink (LINK) price today
Meanwhile, live data from CoinMarketCap shows that LINK is currently selling at $7.86. At press time, the price is down 1.62% in the last 24 hours. Furthermore, Chainlink is ranked #21 on the CoinMarketCap chart with a live market cap of $4,227,104,320 ($4.2 billion).