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Chainlink deploys CCIP, whale shows signs of accumulation

Whale shows signs of accumulation Chainlink

Two whales, 0x8b9 and 0x362, jointly swapped 3,071.6 $stETH and 71.28 $ETH (total $5.72M) for 788,877 $LINK at an average price of $7.25 over the past 2h.

Notably, the whales may belong to one person for the following reasons:

  • both received 2 $ETH from a wallet labeled “walletmobile.eth” 41 days ago
  • both have been withdrawing $ETH since then to fund their recent purchases of $LINK: whale 0x8b9 withdrew 1,618 $ETH, while whale 0x362 withdrew 1,510 $ETH


NOTE: $LINK price has skyrocketed by almost 7% from $7.12 to $7.5 since their purchases.

Why do whales accumulate Chainlink?

On July 17th, Chainlink announced the deployment of its CCIP (Cross-Chain Interoperability Protocol) mainnet on various blockchain networks, including Avalanche, Ethereum, Optimism, and Polygon.

CCIP enables seamless and secure interaction between chains through a simple burn-mint mechanism via smart contracts. This allows users to transfer funds between chains with the original token, rather than wrapped tokens as before.

CCIP also provides new features such as cross-chain swaps, cross-chain deposits, and cross-chain lending.

Additionally, it includes an ARM risk management layer to monitor and verify cross-chain activity and integrates with the SWIFT cross-border payment system, helping to bridge the gap between traditional and crypto assets. These utilities will help users save time and costs in the process of trading across different chains.

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