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Chainlink (LINK) has seen a massive 105% surge in large transaction volume in the last 24 hours, according to on-chain analytics. This rise comes as the market dips at July's start, with $202 million in liquidation, per CoinGlass data.
The crypto market is largely trading in red on July's first day, with major cryptocurrencies Bitcoin and Ethereum down in the last 24 hours due to profit taking and investors evaluating macroeconomic concerns.
Chainlink was slightly down 0.89% to $13.10 as only a few crypto assets, including Algorand, XRP and Bitcoin Cash, were trading in the green among the top 100 by market capitalization.
Amid the drop, Chainlink’s large transaction volume — typically defined as transfers above $100,000 — more than doubled in the last 24 hours, reaching $54.8 million, or 4.09 million LINK, per IntoTheBlock data. This signals that institutional players, or whales, may be positioning themselves for future LINK price movements, despite broader market uncertainty.
Chainlink recent developments
Last week, Chainlink scored a partnership with Mastercard to enable over three billion cardholders to purchase cryptocurrencies directly on-chain.
In the most recent development, Chainlink has introduced an Automated Compliance Engine (ACE) — a unified and modular standard to solve all on-chain compliance problems and bring institutional capital on-chain.
Kraken recently announced the phased launch of tokenized U.S. equities, xStocks, giving eligible non-U.S. clients seamless exposure to some of America’s most iconic stocks and ETFs.
Chainlink has joined the xStocks Alliance as the official oracle infrastructure powering the pricing of all of xStocks' tokenized equities and ETFs, making tokenized stocks globally accessible through DeFi.
Vladislav Sopov
U.Today Editorial Team