Whales Accumulate $50M in Chainlink's LINK Amid 40% Price Surge

Chainlink's (LINK) price has surged nearly 40% over the past month, fueled by the fervor surrounding the tokenization of real-world assets, with some large investors, colloquially known as "whales," reportedly acquiring over $50 million worth of LINK tokens.

According to on-chain analysis tool Lookonchain, a notable whale withdrew 2.7 million LINK tokens from the crypto exchange Binance across 49 new wallets during this period. Concurrently, LINK's price soared to a 22-month high, pushing its market capitalization to $10 billion.

Notably, one of these wallets has transferred more than $9 million worth of LINK tokens from the exchange in the last 10 days alone. Lookonchain's public database indicates that these wallets hold varying amounts of LINK, ranging from $230,000 to $3.5 million each.

Last month, Chainlink integrated its Cross-Chain Interoperability Protocol (CCIP) with Circle's Cross-Chain Transfer Protocol (CCTP), facilitating seamless transfers of the USDC stablecoin across different blockchains. This partnership enhances LINK's fundamentals by enabling developers to build cross-chain applications involving USDC, including payments and decentralized finance (DeFi) interactions.

Furthermore, the dollar value locked in open futures contracts linked to LINK has more than doubled to a record $520 million in recent months, with open interest surging by 62% to nearly 30 million LINK, as reported by data source CoinGlass. This increased interest in LINK futures reflects growing optimism and investor confidence in the token's future price trajectory.