Chainlink Staking Program Exceeds Expectations, Drives LINK Price Up By 12%

In a significant development for the blockchain data-oracle project, Chainlink (LINK) has witnessed a significant response to its enhanced crypto-staking program, amassing over $632 million worth of its LINK tokens within a remarkably short period. The company announced a recent press release highlighting the “overwhelming demand” during the early-access period, which filled the staking limit in just six hours.

Timeline of Chainlink

Chainlink has seen long contracts pile up on Binance during the past day, which may lead toward a top for the cryptocurrency. Chainlink Funding Rate On Binance Has Turned Highly Positive According to data from the on-chain analytics firm Santiment, the Chainlink funding rate on Binance has now reached the highest level in about four weeks.

Telekom has made a substantial entry into the Web3 landscape by actively participating in the launch of Chainlink Staking v0.2. Demonstrating a strategic commitment to blockchain and decentralized technologies, Telekom has staked an initial 2,000 LINK tokens, signaling its dedication to the security and strength of the Chainlink network.

Whales have contributed to a rally in the decentralized oracle service provider Chainlink by accumulating massive amounts of LINK, analytics firm Santiment reports. Santiment says that the top 200 Chainlink wallets added $50 million worth of LINK in the past five weeks, helping the altcoin drastically outperform Bitcoin (BTC).

Experts of The DeFi Edge newsletter covering developments in Web3 and blockchain shared a ranking of the tokens "smart money wallets" were buying or selling last week. It looks like in anticipation of a bull run, large investors are turning toward more predictable products.

The Chainlink price has maintained a healthy upswing since the beginning of the month, with more than a 10% rise in value. The consolidated close for November had raised concerns, but the recent whale activity has displayed somewhat of a clear path for the LINK price in the coming days.

Swell, a prominent player in the decentralized finance (DeFi) space, has announced a significant enhancement to its cross-chain interoperability capabilities by integrating with Chainlink's Cross-Chain Interoperability Protocol (CCIP). The integration marks a pivotal development in Swell's ongoing collaboration with Chainlink, a leader in decentralized computing and data services.

With Bitcoin ready to sustain the uptrend, the altcoins are ready to skyrocket and get a move ahead before the 2024 bull run starts. Ranking high amongst the top performers, Chainlink's LINK price regains the bullish trend.

A crypto whale who accumulated huge amounts of Chainlink (LINK) in the last two months is now making another big move, on-chain data shows. According to blockchain tracking service Lookonchain, the deep-pocketed investor used 81 different wallets to build up a massive holding of 11 million LINK. Now, the whale just moved 1.

An analyst has pointed out how Chainlink might be breaking out of a bull flag right now, which could suggest a rally toward $20. Chainlink Is Escaping Out Of A Bull Flag Pattern Currently In a new post on X, analyst Ali pointed out a breakout that may be forming in the LINK price chart.

A popular crypto analyst is remaining bullish on one red-hot altcoin that more than doubled in value within a few weeks. Pseudonymous trader Altcoin Sherpa tells his 197,900 followers on the social media platform X that the gaming studio and NFT (non-fungible token) marketplace platform Vulcan Forged (PYR) has more room to run.