Chainlink (LINK), the popular oracle service provider, has experienced a noteworthy 5.36% surge in the past 24 hours, now trading at $6.56 with a market capitalization of $3.6 billion. Notably, the on-chain activity for Chainlink has witnessed a significant uptick in the past week.

On-Chain Movement Raises Eyebrows

Over the last 24 hours, four significant Chainlink wallets have executed transactions involving a staggering 18.75 million LINK tokens, equivalent to a staggering $119 million. These wallets, originally designated for managing non-circulating supplies, have moved 15.7 million LINK tokens, valued at approximately $100 million, to the prominent cryptocurrency exchange Binance.

Moreover, they have transferred 3.05 million LINK tokens, totaling around $19 million, to a multi-signature wallet identified as 0xD50f.

Notably, these wallets have been consistently sending LINK to Binance every quarter since August 2022, with a cumulative sum of 71.8 million LINK tokens, valued at an impressive $446 million.

Chainlink Price

Furthermore, the surge in LINK tokens entering circulation has ignited concerns within the crypto community regarding its potential influence on the token’s price.

Key Chainlink Partnerships Driving Momentum

The recent price rally surrounding LINK may find its roots in Chainlink’s strategic partnerships with traditional financial institutions. The oracle services provider recently conducted a successful tokenization test in collaboration with SWIFT, involving major banking giants such as BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.

Furthermore, the Australia and New Zealand Banking Group (ANZ) harnessed Chainlink’s cross-chain interoperability protocol for testing the A$DC stablecoin.

Consequently, this achievement showcased ANZ’s ability to seamlessly transfer funds across open and private blockchain networks, contributing to ongoing experiments exploring the effectiveness and security of real-world asset deployment on the blockchain.

Exploring Coexistence Between Banks and Crypto Sector

Chainlink’s product, receiving positive feedback, functions as a “universal messaging interface” facilitating communication between different blockchain networks via its Oracle network. The question now is whether LINK’s price will continue to surge past the $6.5 mark, sustaining the current rally.

Further, as Chainlink’s partnerships with traditional financial players continue to expand, the crypto world keeps a close eye on its journey towards harmonious coexistence with the banking sector, addressing concerns related to retail Central Bank Digital Currencies (CBDCs).

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.