Crypto News

ChainLink Just Achieved This Remarkable Milestone In 2023 With Surge In Whale Transactions

On November 28, ChainLink (LINK) marked a significant milestone by experiencing its highest surge in whale transactions for the entire year. The announcement, made by Crypto Analyst Ali_Charts on X, revealed that over 2,600 transactions, each exceeding $100,000, took place, signifying a noteworthy uptick in LINK’s transactional activity.

Over 2,600 Transaction Exceeding $100,000 Each Recorded By Chainlink Whales

Ali_Charts shared the news, stating, “Chainlink | Yesterday, $LINK witnessed its largest spike in whale transactions for the year, with over 2,600 transactions exceeding $100,000 each!” The data supporting this revelation was drawn from the insights provided by the market intelligence platform, Santiment.

Delving deeper into the dynamics of Chainlink’s recent activities, Santiment’s data disclosed a substantial movement of older coins within the LINK network. Historically, significant shifts in older coin movements often precede substantial price fluctuations. A notable example occurred on September 15, where a substantial 8.34 billion LINK Age Consumed spike led to a remarkable +31% surge in the LINK price over the subsequent two weeks.

Notably, on November 28, a significant 4.28 billion LINK was involved in the Largest Age Consumed spike since the event on September 15. This surge in movement hinted at the potential for significant price movements in the coming weeks, echoing the pattern observed in September.

The surge in transactions is attributed to renewed optimism surrounding the launch of Chainlink Staking v0.2. The update, introduced on the same day, expands the staking ecosystem by providing a larger pool capacity of 45,000,000 LINK overall. This constitutes approximately 8% of the LINK supply currently in circulation, offering a broader staking option for users.

ChainLink’s recent achievements underscore its growing prominence in the cryptocurrency landscape, with increased transactional activity and developments like the expanded staking options contributing to the positive momentum surrounding the project in 2023.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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