Chainlink crypto prices have risen to their highest levels since April.
Whales began to accumulate the coin following the launch of the CCIP.
Open interest in the 2021 futures market is at a record high.
Chainlink Price went parabolic as investors celebrated recent product announcements and purchases made by whales. LINK token soared as high as $8.20. It is now the highest since April 20th of this year. It has increased by over 65% since its lowest level in June.
LINK Whales are buying
Chainlink prices are surging due to two major reasons. The developers announced plans to launch a new Cross-Chain Interoperable Protocol, as I wrote. You can read more about it here. This is an important upgrade for the network which seeks to link traditional finance companies and the blockchain.
CCIP will expand Chainlink’s use case by making it possible for companies like banks and insurance firms to join the blockchain. The announcement came a month after Chainlink announced that it was running a trial of linking banks to the blockchain through its partnership with Swift.
Secondly, there are signs whales have begun buying the coin. This week, data shows that 2 whales purchased 788 877 LINK tokens. These tokens were purchased by trading their stETH for ETH.