Category: Cryptocurrency News

Chainlink (LINK) is currently on an uptrend, with the bulls showing much dominance in today’s market. According to data from CoinMarketCap, LINK is up by 16.94% in the last 24 hours, emerging as one of the biggest daily gainers in the crypto market. What’s Driving LINK’s Price Today? According to the on-chain analytics platform Lookonchain, LINK’s price gain appears to have been triggered by some recent whale activity.  Lookonchain reports that two whale addresses, “0xc212” and “0x86bd,” which they suspect belong to the same person, purchased $6 million worth of LINK in the early hours of Thursday. 2 whales (probably the same person) bought a total of 788,877 $LINK ($6 million) for $7.62 just now. The whale swapped all 3,074 $stETH ($5.87M) and 71 $ETH ($136K) for 788,877 $LINK. This purchase increased the price of $LINK by 6.5%. pic.twitter.com/ajLBP8Vesz — Lookonchain (@lookonchain) July 20, 2023   The transaction was made by both whale addresses swapping a total of 3,074 stETH, valued at $5.87 million, and 71 ETH, valued at $136,000, for 788,877 LINK tokens. Related Reading: Solana (SOL) Continues To Shine With Over 20% Surge – What’s Next? Lookonchain noted that this whale movement immediately boosted LINK’s price by 6.5%, and the token appears to have been on an uptrend since then. Interestingly, Lookonchain has also reported two more whale transactions on the Chainlink network in the last hour.  The analytics platform notes that the whales with the wallet address “0x0fAC” and “0x67c8” have just purchased a total of 227,281 LINK tokens valued at $1.82 million. 2 more whales also bought a total of 227,281 $LINK ($1.82M) in the past hour. Whale”0x0fAC” swapped 500 $rETH ($1.03M) and 151.6 $stETH ($290K) for 161,558 $LINK just now. Whale”0x67c8″ borrowed 500K $USDC from#Aave and bought 65,723 $LINK 1 hour ago.https://t.co/pRCcK2tQAa pic.twitter.com/fyK3U6pH9U — Lookonchain (@lookonchain) July 20, 2023 For now, there is no clear motive behind these whale transactions. However, LINK investors are advised to monitor the next move of these whales due to the possible effects on the market. Chainlink has been one of the major blockchain projects in the news this week following the launch of its Cross-Chain Interoperability Protocol (CCIP) on July 17.   According to a blog post by the project’s management team, the CCIP protocol is expected to be accessible to developers on various testnets starting from July 20. These testnets include Arbitrim Goerli, Avalanche Fuji, Ethereum Sepolia, Optimism Goerli, and Polygon Mumbai. LINK Price Analysis And Prediction Analyzing the daily LINK chart, the Relative Strength Index shows the token has entered the overbought zone and is likely to reverse soon.  This prediction is further backed by the token’s price movement, which shows that LINK is approaching a significant resistance at the $9.1 zone, which has not been broken in the last 14 months. Related Reading: Chainlink CCIP Goes Live On Mainnet, LINK Jumps By Nearly 10% If the resistance level holds strong again, LINK is likely to decline, retesting at the $5.3 price zone, which has also served as a strong support level since last year. At the time of writing, LINK is trading at $8.02, with a 1.67% increase in the last hour. The token’s daily trading volume is also up by 62.19% and is sitting at $497.4 million. With a market cap of $4.3 billion, LINK ranks as the 21st-largest cryptocurrency.  LINK Trading At $8.058 On The Daily Chart | Source: LINKUSD Chart On Tradingview.com Featured Image From Chainlink, Chart From Tradingview

The government added that they are already working on regulating the crypto market and a proposed regulatory legislation was laid before parliament and debated last month.

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Sriram Krishnan said that “the world of social media is stuck in a different era, and things need to change.”

GBTC’s share in total ARKW’s holdings accounted for around 7.5%, roughly the same amount as Tesla, in Q2 2023, while Coinbase was the biggest allocated asset, accounting for nearly 9%.

Earlier today, a massive trove of SHIB tokens was relocated from Binance.US, the American subsidiary of the world’s largest crypto exchange, Binance. These tokens, amounting to roughly 2.4 trillion according to WhaleAlert, have been transferred to an unknown wallet. 🚨 2,416,836,656,676 #SHIB (18,771,570 USD) transferred from #BinanceUS to unknown wallethttps://t.co/8ujqIZ5C5i — Whale Alert (@whale_alert) July 19, 2023 This movement of SHIB tokens is particularly noteworthy as this comes amid the anticipation which is running high as Shytoshi Kusama, the lead developer of Shiba Inu, hinted at the upcoming release of Shibarium mainnet and Worldpaper in August. Whale Alert Triggers Market Speculation According to Whale Alert, the blockchain tracking and analytics provider, the wallet transfer from Binance.US to an unknown wallet comprised approximately 2,416,836,656,676 SHIB tokens, which, at the time of transfer, were worth around $18.77 million. Related Reading: Shibarium Reaches New Milestones As Anticipation Builds For Mainnet Launch Though this transaction could be interpreted as a positive sign, suggesting that ‘whales’, or large-scale investors, are acquiring and hoarding SHIB tokens by moving their SHIB asset to an unknown, privately-held wallet, signaling their intent to hold for an extended period. However, a deep dive into Etherscan data also shows that Binance.US has since been shuffling tokens to a fresh wallet address identified as 0x058A over the past couple of days. This wallet, interestingly, now holds a mix of 69 different tokens collectively valued at $72.62 million. Regardless, the Shiba Inu community is abuzz with chatter about this monumental transfer. Many community members have speculated that this activity may be linked to the upcoming launch of Shibarium, further stoking the anticipation for August’s much-awaited release. Bullish Wave Ahead For SHIB While it’s still unclear what the whale’s aim behind this move is all about, given the fundamental metrics, Shiba Inu might actually be closer to a bullish wave. Shiba Inu Lead Developer, Shytoshi Kusama, announced earlier this month, the Shiba Inu Ecosystem will be the title sponsor for the Blockchain Futurist Conference, Eth Toronto, and Eth Women – events to take place in Toronto in August where the team could launch Shibarium. These events could serve as a catalyst that ushers in another rally for the meme coin. Related Reading: Breaking: Shiba Inu Lead Dev Reveals Shibarium Release Date, SHIB Up 3% Meanwhile, over the past week, SHIB has been performing quite well. The meme coin has managed to breach several resistance levels and currently trades at $0.00000782, marking a nearly 5% uptick over the previous week. SHIB’s market capitalization currently stands at $4.6 billion, which elevates it to the 16th spot in the ranking of cryptocurrencies by market cap. Adding to this bullish narrative, SHIB’s trading volume has also seen a considerable boost in the past seven days, soaring from $74.4 million to $87 million in the last 24 hours. This positive momentum is partly due to the broader crypto market trend, led by Bitcoin’s recent rally. Featured image from Shutterstock, Chart from TradingView

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Web3 social layer Lens Protocol aims to power seamless connectivity of applications across blockchain and non-blockchain platforms.

BTC price action is giving two traders no doubt about the Bitcoin bull market due to begin this year.