Decoupling the 564 whale signal from the Altcoin package

Recently, Chainlink (LINK), a major cryptocurrency, has seen a surge in market capitalization, while most other altcoins are experiencing a decline. Its market capitalization rose to 18.76% in the last 24 hours, a wide deviation from the rest of the altcoins. Meanwhile, data from Most Holy shows that the number of Chainlink whales holding more than 100,000 $LINK tokens has grown significantly, marking gains of 4.6% in just five weeks to 564 holders.

At the time of writing, Chainlink is trading at $16.52, with a trading volume of $1 billion in the last 24 hours, indicating an impressive increase of 235.18%. The coin has rallied 14.99% over the past week and is currently ranked 15th on CoinMarketCap, with a strong market capitalization of around $9 billion.

DTCC and Chainlink collaboration

Recent news regarding the Depository Trust and Clearing Corporation (DTCC) and its pilot involvement with Chainlink is one of the main reasons for the increase in value observed on Chainlink. The initiative, in collaboration with several leading banking institutions in the United States, aims to enable the tokenization of traditional financial funds by leveraging blockchain-based services.

According to relationship, the Smart NAV pilot leveraged Chainlink’s superior advanced platform for cross-chain interoperability and blockchain abstraction. The partnership highlights DTCC’s commitment to exploring how digital assets can be applied within the financial services space. Using a “chain agnostic” approach, the pilot aimed to enable the sharing of net asset value (NAV) data across a variety of blockchain networks and establish new paths for the industry.

The Smart NAV pilot demonstrated the feasibility and industry value achieved through DLT-based solutions for pricing and tariff dissemination. By providing structured data on-chain and defining standard roles and processes, the pilot laid the foundation for many on-chain use cases, including tokenized funds and multi-fund smart contracts.

Given the promising results of the pilot, the work has the potential for significant expansion to examine a broader range of blockchain use cases and networks. Such capabilities, as demonstrated by the pilot project, open up a lot of potential to drive different elements in the financial services space towards much more streamlined and efficient operational processes.

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