Chainlink price struggles to recover despite $77 million worth of LINK accumulated by whales

Chainlink network’s large wallet investors have scooped up 11 million LINK over the past month.
Chainlink is likely to see a recovery in its adoption and utility among developers and projects with mainnet early access to CCIP.
LINK price is $8.056 on Binance at the time of writing, the altcoin has sustained below resistance at $9 throughout 2023.

Ethereum Community Conference (EthCC) in Paris in mid-July 2023 was an opportunity for Chainlink to launch the Cross-Chain Interoperability Protocol (CCIP) into the early access phase. Chainlink founder Sergey Nazarov informed the community that the CCIP can be viewed as a fragmented space for developers to build applications on top of it.

The launch of CCIP is expected to act as a catalyst for higher adoption of Chainlink as more developers and projects are incentivized to join the ecosystem.

LINK’s bullish on-chain metrics have failed to catalyze a recovery in the altcoin.

Also read: Meta's Zuckerberg reaffirms commitment to metaverse, AI; Worldcoin struggles

Chainlink’s CCIP enters mainnet early access phase, here’s what it means

Chainlink, a decentralized blockchain oracle network, recently rolled out an important protocol at the EthCC conference in Paris. Evaluating the pros and cons of the protocol’s mainnet early access phase, experts argue that Chainlink can be used as a “bridge.” A single token can be used across any blockchain, replacing bridges in the crypto ecosystem.

Lark Davis, an entrepreneur and Bitcoin investor commented on the Chainlink CCIP launch.

Chainlink's CCIP aims to connect all blockchains into one.

If they succeed, that'll mean:

- No more bridges
- You can use the same token across any blockchain
- HUGE UX UPGRADE FOR CRYPTO AND WEB3

Don't fade this CCIP - it could be BIG. Keep an eye on it
— Lark Davis (@TheCryptoLark) July 27, 2023

In his blog Davis explains that the current crypto landscape is marked by disjointed chains and the goal of CCIP is to allow these chains to securely transfer data, assets, and smart-contract functionalities. This protocol launch is therefore expected to bring relief to the community of users that bridge coins from one chain to another.

While this development is expected to catalyze Chainlink recovery, the project’s bullish on-chain metrics have failed to push price higher.

Chainlink whales scoop up $77 million worth of LINK

Chainlink whales have accumulated around 11 million worth of LINK over the past month. These tokens are worth a cumulative of $77 million. Whale accumulation is considered typically bullish, however in Chainlink’s case it has failed to catalyze a rally in LINK over the past 30 days.

Chainlink accumulation by whales

Whales holding between 100,000 to 1,000,000 have added LINK to their portfolio consistently. It remains to be seen whether this bullish on-chain metric can help LINK price recover from its 2022 decline.

Like this article? Help us with some feedback by answering this survey:

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.