After announcing a new initiative, the Chainlink token has become a growth leader in the crypto market.

According to CoinMarketCap data, Chainlink (LINK) has outperformed other cryptocurrencies over the past 24 hours, gaining more than 20%. The coin’s price increased by over $3, rising from $13.69 to $16.71 in a few hours.

The growth in LINK trading volume was even more remarkable, soaring 335% over the past 24 hours to $1.34 billion.

Source: CoinMarketCap

Santiment data shows that LINK’s market capitalization surged 14% in eight hours. The number of whales has also increased by more than 4% to more than 564,000 in just five weeks.

Source: Santiment

Experts predict that bullish conditions lie ahead if social dominance subsides and fear of missing out (FOMO) does not take over.

Why is LINK surging?

LINK’s growth comes shortly after Depository Trust and Clearing Corporation (DTCC) completed a pilot with blockchain oracle Chainlink and several major U.S. financial institutions.

The largest financial institutions in the world are working with #Chainlink to bring capital markets onchain and access the tokenized asset economy. How Chainlink is transforming global finance 🧵

— Chainlink (@chainlink) May 16, 2024

The Smart NAV project aims to speed up fund tokenization and create a standardized procedure for generating and distributing net asset value (NAV) data of funds across virtually any private or public blockchain using the Chainlink CCIP interoperability protocol.

Chainlink introduces Transporter for cross-chain transfers

Last month, the company also launched the Transporter app to facilitate the movement of crypto assets and data across multiple networks. The team behind the app said it is a cost-effective solution for transferring high-value tokens across blockchains and provides users with a secure transaction experience.

The Transporter is already available on a range of blockchains, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX, marking Chainlink’s entry into the growing field of blockchain bridges.

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