Chainlink (LINK) witnessed a price jump of nearly 19% on Thursday as the blockchain oracle rolls out a new protocol combined with upticks in whale transactions and trading volume.
LINK’s new Cross-Chain Interoperability Protocol (CCIP) launched its “Mainnet Early Access phase” on the Ethereum (ETH), Optimism (OP), Polygon (MATIC) and Avalanche (AVAX) blockchains earlier this week.
The interoperability protocol aims to provide an easy way to build cross-chain applications and services and provide simplified token transfers.
Crypto analytics firm Santiment also notes in a new analysis that LINK’s trading volumes have been “gradually picking up steam recently,” indicating increased interest in the asset.
Whale transactions involving LINK are also on the rise, according to the analytics firm.
Says Santiment,
“In the often volatile world of cryptocurrencies, the activity of ‘whales,’ or large-scale holders, serves as an insightful parameter for market trends.”
Chainlink is trading at $8.27 at time of writing. The 22nd-ranked crypto asset by market cap is up by 18.84% in the past 24 hours and more than 19.5% in the past week.
LINK is also up more than 47% since the start of 2023, though it still remains more than 84% down from its all-time high of $52.70, which it hit in May 2021.
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney