Deep-pocketed investors are gobbling up decentralized oracle network Chainlink (LINK) as the project reveals its focus for next year, a cryptocurrency analyst said.
Crypto trader Ali Martinez cites a chart from analytics firm Santiment. says 38,200 followers on social media platform
According to Martinez, the cryptocurrency whale, which holds between 100,000 and 1 million Chainlink, bought 7 million LINK worth more than $105 million in just one week.
“These large purchases suggest growing confidence among LINK’s key players.”
Cryptocurrency analysts also note LINK’s short-term price target is $20. The 15th largest cryptocurrency asset by market capitalization is trading at $15.87 at the time of this writing.
LINK is already up more than 194% since the beginning of 2023.
The project’s gains have been realized this year amid a broader cryptocurrency uptrend and new technological milestones.
Last July, Chainlink launched the Cross-Chain Interoperability Protocol (CCIP), which aims to build cross-chain applications and services and provide simplified token transfers.
Kemal El Moujahid, Chief Product Officer at Chainlink Labs, said in a recent blog that the project plans to focus on CCIP in 2024.
“Looking ahead to 2024, we aim to accelerate the pace of development to build on these advances to meet the needs of users in these new markets.
We will give CCIP a top priority to meet the needs of the larger trend of capital markets moving on-chain and moving from proof-of-concept to production. This is facilitated by tokenized real-world assets (RWA) that are set to exponentially increase the value of the on-chain economy. Of course, we are working to ensure that all tokens, decentralized applications (DApps), and external systems can move messages and assets between chains seamlessly and securely.”
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