Chainlink Flies 9.1% in Last 24 Hours

Illustration of Chainlink tokens. (Photo; Doc. CoinTimes)

JAKARTA - The price of Chainlink (LINK) has increased by 9.1% in the last 24 hours, currently LINK is trading at IDR 103 thousand per coin. LINK has a market capitalization of 3.6 billion US dollars (equivalent to IDR 55.3 trillion). Over the past week, there has been a significant increase in Chainlink on-chain activity.

In the last 24 hours, four Chainlink wallets made a massive transfer of 18.75 million LINK tokens to various platforms, with a total value reaching 119 million US dollars (equivalent to IDR 1.8 trillion).

These four wallets, which were initially used to manage non-circulating supply, sent approximately 15.7 million LINK tokens worth approximately  100 million US dollars (IDR 1.5 trillion) to Binance. Additionally, they also sent approximately 3.05 million LINK tokens worth approximately  19 million US dollars to a multi-signature wallet having the address 0xD50f.

On-chain analysts from Lookonchain noted that this particular wallet has routinely transferred LINK to Binance every quarter since August 2022. The total of these transactions has reached a fairly large amount, namely 71.8 million LINK tokens worth  446 million US dollars or the equivalent of IDR 6.8 trillion.

This significant increase in the number of LINK tokens changing hands has raised concerns around its potential impact on the price of these tokens.

Chainlink Establishes Strategic Partnership

LINK's recent price increase is likely related to a series of strategic partnerships undertaken by Chainlink in the world of traditional finance.

Chainlink successfully conducted a tokenization trial in partnership with SWIFT, the world's leading money transfer company. This collaboration involves a number of large banking institutions, including BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.

Not only that, Australia and New Zealand Banking Group (ANZ) has also used the Chainlink cross-chain interoperability protocol to test the A$DC stablecoin.

ANZ's success in seamlessly transferring funds across blockchain networks, both open and private, has been a testament to blockchain's ability to support ongoing experiments in applying real-world assets to the blockchain world.

Chainlink has played an important role in exploring the collaboration of traditional banking and crypto sectors, addressing various issues associated with retail central digital currencies (CBDC).