Chainlink Large Transactions Skyrocket 178%, Is This Sign of LINK Breakout?

Decentralized oracle platform Chainlink has seen its native token, LINK, surge in whale activity over the last 24 hours. This uptick in large transactions comes amid a broader market uptrend, which has seen the price of LINK skyrocket by over 10%.

Chainlink whales increase market activity

According to data from IntoTheBlock, large transactions for LINK increased by 178% within the past 24 hours. During the period under review, this amounted to $166 million, or 14.51 million LINK in crypto terms.

Chainlink Whale Transactions Chart. Source: IntoTheBlock

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Large Transaction Volume estimates the total amount of an asset transacted by whales and institutional participants within a given period. A spike in this metric suggests increased activity among institutional players, often called whales. These investors are either buying or disposing of their digital assets.

Increased attention from whale investors usually impacts the price of the cryptocurrency they focus on. These activities can affect the balance of supply and demand.

For LINK, the attention of large investors follows a substantial increase in the tokens price. This could mean they intensely scooped up the token, anticipating better price outcomes. As demand for LINK increases, the price could go higher.

LINK rallies over 10%

At press time, LINK price was trading at $11.8, demonstrating a 10.2% rally over the previous day, with a market cap of $7.7 billion. Despite the rally, the trading volume is down by 17%, suggesting cautious sentiment from investors.

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However, other developments in the Chainlink ecosystem could help restore investors confidence and help fuel the price breakout. For instance, an earlier report revealed an integration between Chainlink and payment giant PayPal. The report claimed PayPal now allows its U.S. customers to access LINK token.

This follows an earlier partnership involving Chainlink and the Abu Dhabi Global Market (ADGM). Overall, this partnership aims to expand the networks footprint in the UAE and drive further LINK adoption.