Chainlink price declined on Boxing Day despite whales building the largest oracle project in the crypto industry.
Chainlink (LINK) fell to $22.90, down 12.45% from its peak this week and down 26% from its year-to-date high.
This drop came as most cryptocurrencies crashed, with Bitcoin (BTC) falling to $95,000 and the market cap of all coins dropping to $3.3 trillion.
As we mentioned earlier, there are signs that whales are continuing to accumulate their LINK token holdings. Data from Etherscan shows a whale moved $1 million worth of coins to a Coinbase private wallet. Another investor made a similar transaction worth $1.3 million, while another transferred $566,000 worth of coins from Kraken.
These LINK moves came after Donald Trump’s World Liberty Financial accumulated over $1.8 million worth of Chainlink tokens. Further data shows that the net flow of Chainlink tokens to exchanges has turned negative, a sign of more accumulation. Net inflows moved to minus 677,000 tokens, the lowest level in weeks.
Chainlink has become one of the most important players in the cryptocurrency industry. It provides its Oracle solutions to the largest players in the decentralized finance industry such as AAVE and Compound.
Chainlink has also launched the Cross-Chain Token Standard, which streamlines the transfer of tokens across blockchains using the Cross-Chain Interoperability Protocol. Leading cryptocurrencies such as Shiba Inu, Turbo and Neiro now use CCT.
Chainlink price is forming an H&S pattern
The four-hour chart shows LINK price peaked at $30.93…
