The post Crypto Whales Are Accumulating This Altcoin Amid Crypto Market Crash appeared first on Coinpedia Fintech News
The cryptocurrency industry has shrunk amid decreased midterm optimism in the past few weeks. As for the Chainlink (LINK) price, the altcoin has declined more than 21 percent in the past four weeks to hover around $14.33 on Wednesday, during the early London session.Â
However, the crypto outlook will improve soon as more investors enter the industry. The Fed is expected to remain dovish in the coming quarters as the inflation eases amid the upcoming general election, thus signaling inevitable interest rate cuts. Moreover, the European and Canadian governments have already initiated interest rate cuts.
Chainlink Whales on the Move
It seems that whales/institutions are accumulating $LINK!We noticed that 54 fresh wallets withdrew 2.08M $LINK($30.28M) from #Binance in the past 7 days.https://t.co/SkqA1r0F1N pic.twitter.com/VkPt0kwPb4
â Lookonchain (@lookonchain) July 2, 2024
According to on-chain data analysis provided by Lookonchain, 54 new Chainlink wallets withdrew 2.08 million LINK, worth about $30.28 million, from Binance in the past seven days. The Chainlink ecosystem has grown into a vibrant ecosystem backed by both institutional investors and retail traders.
According to on-chain data, the Chainlink network has more than 720k holders with non-zero balances.
Growing EcosystemÂ
The Chainlink network provides crucial oracle data to web3 and smart contract developers. As a result, more institutional investors seeking to build web3 projects involving real-world assets (RWA) tokenization have tapped into the Chainlink network.Â
Weâre excited to announce that Fidelity International and Sygnum have partnered with #Chainlink to provide NAV data onchain for Fidelity Internationalâs $6.9B money market fund.This is a landmark production use case for tokenized assets https://t.co/dfQ3Shgx6f pic.twitter.com/o0sT4JOQNj
â Chainlink (@chainlink) July 3, 2024
Additionally, Chainlinkâs CCIP is already used by dozens of institutional investors seeking to build scalable and interoperable applications. In the latest adoption, the company announced that Fidelity International and Sygnum have partnered with Chainlink to provide NAV data on-chain for Fidelity Internationalâs $6.9B money market fund.
Midterm Expectations
$LINK has been seeing the same pattern over and over again. First six months downwards.Second six months bull market.We're in the second six month part and are slowly grinding upwards. Good times ahead. pic.twitter.com/PhQfs808n7
â MichaĂ«l van de Poppe (@CryptoMichNL) July 2, 2024
Chainlink price has been trapped in a megaphone weekly consolidation since the beginning of this year, while Bitcoin price has pumped to its all-time high. According to a popular crypto analyst Michaël van de Poppe, LINK price is on the cusp of a major bullish uproar in the near term.
Moreover, the weekly Bitcoin dominance has signaled an inevitable reversal, which will trigger the much-anticipated altseason.