Chainlink's (LINK) token has been on a steady rise since late June after it formed the bullish double-bottom pattern near $5.
At the time of publication, LINK was trading at $8.04, up 5.96% in the last 24 hours and 18.24% on the weekly time frame. Whales, or large holders, might have partly fueled LINK's price increase in the past month, on-chain data suggests.
On-chain data shows that Chainlink whales, or large holders, added roughly $77 million to their LINK holdings in the past month, with increased demand boosting prices.
Citing Santiment data, cryptoanalyst "Ali'' reported that Chainlink whales have accumulated around 11 million LINK over the past month, worth nearly $77 million.
Notably, LINK has been on an upward trend since June 20, following a 40% drop between April 19 and June 19.
Chainlink boasts significant development
Chainlink's development has accelerated in the last month. Chainlink's Cross-Chain Interoperability Protocol (CCIP) was just introduced on the mainnet.
Developers can currently use the CCIP protocol on five testnets: Arbitrum Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli and Polygon Mumbai.
CCIP, which is powered by Chainlink's decentralized oracle networks, is a simple interoperability protocol for developing cross-chain apps and services.
The protocol is powered by the same security paradigm that powers pricing oracles, which are supposed to be resistant to flash-loan attacks and other generally recognized vulnerabilities.