Since forming the bullish double-bottom pattern at $5 in late June, the LINK token of Chainlink has been steadily increasing.
LINK was trading at $8.04 at the time of publishing, up 5.96% over the previous 24 hours and 18.24% for the previous seven days. According to on-chain statistics, whales or huge investors may have contributed to some of the price gain for LINK during the previous month.
According to on-chain statistics, Chainlink whales, or significant investors, boosted their holdings of LINK by almost $77 million over the course of the previous month as a result of rising demand and LINK price.
Cryptoanalyst “Ali” claimed that Chainlink whales have collected around 11 million LINK over the past month, which is equivalent to almost $77 million, using Santiment statistics.
Chainlink boasts significant development
The recent month has seen an increase in Chainlink’s growth. The Cross-Chain Interoperability Protocol (CCIP) for Chainlink has only recently been launched on the mainnet.
Five testnets, including Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai, presently support the CCIP protocol.
CCIP is a straightforward interoperability protocol for creating cross-chain applications and services, and it is powered by Chainlink’s decentralised oracle networks.
The protocol uses the same security model as price oracles, which are designed to be impervious to flash-loan assaults and other widely known flaws.
