Following the announcement of a new initiative, the Chainlink token has emerged as a top performer in the cryptocurrency market.
Based on data from CoinMarketCap, Chainlink (LINK) has shown impressive gains compared to other cryptocurrencies in the last 24 hours, surging by more than 20%. The price of the coin jumped by over $3, climbing from $13.69 to $16.71 within a short span of time.
What’s even more remarkable is the significant increase in LINK’s trading volume, which shot up by 335% in the past day to reach $1.34 billion.
According to Santiment data, LINK’s market capitalization experienced a surge of 14% in just eight hours. The number of whales holding LINK has also risen by more than 4% to exceed 564,000 within a span of five weeks.
Experts are optimistic about the future, anticipating further growth as long as social dominance remains strong and fear of missing out (FOMO) doesn’t take control.
The recent surge in LINK’s value can be attributed to the completion of a pilot project by the Depository Trust and Clearing Corporation (DTCC) in collaboration with blockchain oracle Chainlink and major U.S. financial institutions.
The Smart NAV project, facilitated by Chainlink’s CCIP interoperability protocol, aims to streamline fund tokenization and establish a standardized process for creating and disseminating net asset value (NAV) data of funds across various blockchain networks.
In addition, Chainlink recently introduced the Transporter app, designed to simplify the transfer of crypto assets and data across different networks. The app, known for its cost-effective nature and secure transaction process, allows users to transfer high-value tokens seamlessly.
The Transporter app is now compatible with various blockchain networks, including Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism, Polygon, and WEMIX, marking Chainlink’s foray into the expanding realm of blockchain bridges.
For more information, Chainlink CCIP has transitioned to general availability, showcasing the company’s commitment to innovation and adaptability.