LINK Surges to 2021 Levels as Trump’s World Liberty Buys More Chainlink Tokens

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What to know:

  • The project purchased another $1 million worth of LINK late Thursday, data shows, for the second straight day.
  • LINK is now World Liberty Financial’s fourth-largest holding after ether (ETH), bitcoin (BTC) and tether (USDT).
  • LINK neared $30 in Asian morning hours Friday, data shows, with open interest (OI) on the token’s futures zooming to record highs above $860 million.

As a seasoned researcher with a keen interest in the dynamic world of cryptocurrencies, I find myself intrigued by this latest development involving World Liberty Financial and Chainlink’s LINK token. Having closely observed the crypto market for years, I can attest to its unpredictability and resilience, much like a phoenix rising from the ashes.

Donald Trump-backed World Liberty Financial just increased its holdings of Chainlink’s LINK token.

On Thursday, it was revealed that the project had bought an additional $1 million in LINK for the second day running, boosting its LINK holdings to a total value of $2 million. Furthermore, they acquired $246,000 worth of AAVE, bringing their overall token holdings up to $1.2 million.

Trump’s World Liberty(@worldlibertyfi) recently purchased 37,052 units of LINK ($1 million worth at approximately $27 each) and 685 units of AAVE ($246,700 worth at around $360 each).

— Lookonchain (@lookonchain) December 13, 2024

Currently, LINK ranks as the fourth most significant asset within World Liberty Financial’s portfolio, following Ether (ETH), Bitcoin (BTC), and Tether (USDT).

Supported by the Trump family, World Liberty Financial functions as a harmonious system that enables users to both borrow and lend digital currencies, establish liquidity pools, and carry out transactions using stablecoins. Essentially, WLFI plays a crucial role as the governance token within this platform.

The platform leverages the services of Chainlink, a data provider, to facilitate smoother interactions within the larger cryptocurrency market. According to a report from November, Chainlink contributes to the platform by offering vital price data and infrastructure for cross-chain compatibility.

Chainlink links blockchains and off-chain systems, allowing smart contracts to tap into real-world data, external APIs, and various off-chain resources. LINK tokens serve as one of the methods used to compensate node operators for their services in gathering, processing, and providing off-chain data or performing computations.

A significant portion of investor interest in LINK tokens stems from the usefulness and popularity of Chainlink’s oracle services.

As an analyst, I’m observing a favorable market response to recent purchases linked with Trump. Specifically, LINK prices have surged by approximately 22% over the past week and have skyrocketed more than 130% since World Liberty Financial initially incorporated Chainlink. This growth has propelled the token back to price levels last observed in early 2021.

During the early hours of Friday in Asia, the price of the LINK token came close to reaching $30. This was reflected in the data. Moreover, the open interest on its futures contracts reached unprecedented levels exceeding $860 million.

In simple terms, “OI” stands for the quantity of open interest in futures markets, which is the number of outstanding bets or contracts. When prices go up and the Open Interest also increases, this is often interpreted as a bullish signal, indicating that investors are ready to invest more money on the belief that the price will keep climbing higher.

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2024-12-13 09:52