Chainlink, the blockchain oracle network, has experienced a sudden surge in large transactions. Sudden whales activity can be a clear bullish sign, but is it indeed?
Data from analytics firm IntoTheBlock reveals a 295.93% increase in whale transaction volumes over 24 hours. On September 22, Chainlink whales moved 1.86 million LINK tokens, the following day this figure jumped to 7.28 million tokens. In dollar terms, this represents a rise from $20.71 million to $82.01 million.
The number of large transactions also doubled. Only 65 transactions valued at $100,000 or more were recorded on September 22, and this number rose to 130 by September 23. Concurrently, daily active addresses on the Chainlink network increased by 14.72%. The figure rose from 1,810 to 2,070 addresses.
These movements suggest renewed interest in the Chainlink network. Market analysts are closely watching these developments.
One potential catalyst for this activity is a recent announcement by 21.co. The company stated it would adopt Chainlink's Proof of Reserves mechanism for its 21BTC token.
21BTC is a wrapped version of Bitcoin available on the Solana blockchain since May 2024. The move will apply to 21BTC offerings on both Solana and Ethereum blockchains. Industry experts view this as a significant vote of confidence in Chainlink's technology.
Despite the increased network activity, LINK's price remains relatively stable: the token is trading around $11, with only modest gains of about 5% over the past week.
Market participants are divided on the implications of these movements. Some see it as a sign of growing institutional interest. Others caution against drawing hasty conclusions from short-term data.