Chainlink cryptocurrency rises 30% after partnership with DTCC; LINK charts path for price increase

The Chainlink cryptocurrency (LINK) rose 30% after the announcement of the partnership with the Trust & Clearing Corporation (DTCC), the largest global securities settlement system. On May 16, DTCC announced the completion of a significant pilot in collaboration with Chainlink, an oracle platform for blockchains. With the news, the price of Chainlink (LINK) increased by 30% in 48 hours, being quoted at US$16.71, from a low of US$12.8, recorded on May 15.

At the time of publication, Chainlink price was priced at $16.12, up 17.1% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$1,371,096,431. In the last seven days, LINK has appreciated by 13.4%.

Did LINK chart its path to price increases? Cryptocurrency analytics platform Santiment noted on May 16 that there are currently 564 whales holding more than 100,000 LINK tokens. This equates to an increase of almost 5% in just five weeks.

“Chainlink’s market cap has soared +14% in the last 8 hours, decoupling itself from the altcoin pack. There are now 564 whales with over 100k $LINK, an increase of +4.6% in just 5 weeks. If social dominance calms down and FOMO doesn’t take over, bullish conditions are ahead,” he wrote.

🔗🐳 #Chainlink‘s market cap has shot up +14% in the past 8 hours, decoupling from the #altcoin pack. There are now 564 100K+ $LINK whales, a +4.6% rise in just 5 weeks. If social dominance calms and #FOMO doesn’t take over, #bullish conditions are ahead. https://t.co/UQcQvD2jzk pic.twitter.com/SK1y43XxJv

— Santiment (@santimentfeed) May 17, 2024

DTCC announced the completion of a pilot in collaboration with Chainlink on May 16. This pioneering project, called Smart NAV, included the participation of major financial institutions, including JPMorgan, Franklin Templeton and BNY Mellon, aiming to boost the tokenization of funds.

The Smart NAV pilot aimed to create a standardized method for integrating and distributing fund net asset value (NAV) data across multiple blockchains, whether private or public. Chainlink’s CCIP interoperability protocol was used for this. The list of participants was impressive, ranging from American Century Investments to US Bank, MFS Investment Management and State Street.

Completing the pilot provided valuable insights. DTCC reported that “by making structured data available on-chain and establishing standard processes and functions, it has been possible to incorporate essential information into a diverse range of blockchain applications.” These include tokenized funds and smart contracts adapted for mass consumption, which can include data from multiple funds in a single contract.

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