The price of Chainlink (LINK) has been on a good upward trajectory, reaching above $9.75, a level not seen since May 2022.
This surge comes as part of a positive trend in the broader crypto market. LINK’s price has surged by 13% in the past 24 hours and 23% over the past week, making it an intriguing asset for traders.
Chainlink, renowned for its oracle network and recent advancements like the Cross-Chain Interoperability Protocol (CCIP), has been one of the standout performers in the crypto market amidst the prevailing bullish sentiment.
This success appears to be linked with key factors, including whale activity and significant adoption on major South Korean exchanges, Bithumb and Upbit.
On-chain analytics, particularly data from Lookonchain, highlights that the surge in LINK’s price coincided with notable whale accumulation and substantial trading activity on South Korean exchanges.
During this surge, data indicates that these leading Korean exchanges accumulated 945K LINK, valued at approximately $9 million.
Exchanges currently hold a significant portion of LINK, roughly 20.26% of the total supply, with an estimated value of around $1.9 billion.
Notably, 37.45 million LINK is staked by holders, while the market features several substantial LINK whales. For instance, one whale holds over 11 million tokens across 81 addresses, and another holds more than 8.35 million LINK tokens across 38 addresses.