Chainlink’s Price Increase Linked to Real-World Assets Tokenization
The tokenization of physical assets has caused Chainlink’s price to soar by 40%, creating a frenzy in the cryptocurrency market. Following indications of extensive investment activity—whale purchases of over $50 million worth of Chainlink tokens over the previous 30 days. The tokenization of real-world assets is becoming more popular, which has been linked to the price increase of Chainlink.
Chainlink took a step further earlier this year as it introduced the Cross-Chain Interoperability Protocol (CCIP) in collaboration with the Cross-Chain Transfer Protocol (CCTP) owned by Circle, making the USDC transfer process a lot easier using different chains.
Chainlink’s long-term performance has been predicted to be largely dependent on its capacity to handle regulatory obstacles, grow its network of partners, and provide creative solutions. The tokenization of physical assets has caused Chainlink’s price to soar, highlighting the increasing significance of decentralized oracle networks in facilitating the smooth fusion of blockchain technology with conventional banking.
More Data Floods in, Explains Whale Activities
Investors’ faith in Chainlink’s long-term prospects and its capacity to profit from the expanding tokenized asset market is reflected in the project’s price explosion. Data from Lookonchain, an on-chain data platform, disclosed that some of the whales had bought 2.7 million units of LINK using 49 new wallets from Binance, and the buying period rhymed with the price, peaking at 22 months while exceeding the market value of (slightly over) $10 billion.
Lookonchain data also noted that the wallets used by these whales transferred LINK worth over $9 million from different exchanges in the past 10 days. According to the data, each wallet had between $3.5 million and $230,000 worth of LINK in them.
The company explained that the reason for the tokenization project is to create an avenue to integrate real estate, stocks, and gold into the blockchain digital assets space.
Chainlink Lost 0.30% in Daily Trading, Trading Volume Down by 22.65%
Many experts are optimistic about Chainlink’s prospects despite the short-term swings, pointing to its solid fundamentals, expanding adoption, and key alliances. Commenting on the trend, analysis on the Cointurk News platform has it that Chainlink is in a strong position to benefit from the growing trend of tokenizing real-world assets and maintain its position as the industry leader in decentralized oracle technology.
The analysis says that Blockchain networks with real-world assets integrated into them have the power to completely transform traditional finance by opening up new avenues for creativity, effectiveness, and financial inclusion.
As of press time, Chainlink is trading at $18.52, with a slight 0.30% drop in the last 24 hours. It accounted for a daily trading volume of $562,215,466 after going down by 22.65%. The market capitalization as of press time is at $10,873,867,661, ranking #12 on the CoinMarketCap platform.
Chainlink Named the Safest for Profit-making, Value Increased by 62%
Analysts at K33 Research have stated that Chainlink is fast turning into the safest way of making a profit off the Real World Assets (RWA) tokenization project. Boston Consultancy Group, a global consulting company, commenting on the trend, says t that the total tokenization value of Real World Assets may hit $16 trillion by 2030.
CoinGlass, a cryptocurrency information platform, explained in its statement that the value of the dollar that is open for futures contracts for Chainlink has doubled over the past months, hitting $520 million.
Measuring it in the value of cryptocurrency, it increased by 62% to reach almost 30 million units of LINK. The growth in the open interest is a sign that there has been a new movement of liquidity into the market. Another data analytics company, 21milyon.com, reported that the price of Chainlink dropped by 2% in the past 24 hours to settle at $18.32.
The data also noted that the trading volume of Chainlink dropped by 20%, representing $634 million in 24 hours. However, the DeFi space, as at press time, has more than $47 billion trading volume on a daily, while the daily revenue also comes in millions.Â
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