Why Is Chainlink Skyrocketing 299% While Everyone Else Panics? 🤔

So, get this, folks. Chainlink, the crypto darling, has gone up a dramatic 299% in whale moves over the past 24 hours. Yes, you heard right—almost triple! Meanwhile, the rest of the market’s sliding into oblivion. Who’s surprised? Not me. Sounds like those whales are really splashing the cash, or maybe just trying to make a splash before the whole thing sinks.

According to the brilliant folks at IntoTheBlock, these big transaction volumes, meaning whales flipping coins around, hit 6.71 million LINK—that’s about $101.4 million. Yeah, because nothing says stability like tossing around a hundred mil like it’s pocket change, right? And yet, the market’s flopping around like a fish out of water. The usual Friday fun: Bitcoin and friends tanking, traders biting their nails, waiting for the Fed’s favorite inflation indicator, the core PCE—oh the excitement!

Now, folks, macroeconomic chaos, profit-taking, liquidations—lots of fun words—led to a nice little $703 million market wipeout in the last day. High leverage traders? They got hit hardest—longs lost $640 million, shorts lost $64 million. It’s like a free-for-all, only nobody wins. Maybe just the whales? Who knows.

Meanwhile, investors are sitting on the edge of their seats, waiting for the new inflation data drop. The Fed’s personal favorite, the PCE index, is coming out Friday morning. Because what better way to kick off your weekend than uncertainty, right?

And so, the crypto market cap dipped a tiny bit, down to $3.31 trillion. I mean, who’s counting? Everyone’s just hoping for some good news, or maybe a miracle.

Chainlink Update

Now, onto the fun part: Chainlink’s price took a nosedive—down 9.58% in 24 hours to $14.33, and over the week, it’s down 16%. It’s like a rollercoaster, but less fun and more nausea. It’s the 13th biggest crypto—because, of course—valued at about $9.45 billion. No big deal.

Good news! Coinbase is using Chainlink’s proof of reserves to keep track of over $4.6 billion worth of cbBTC. Transparency!! Now you can verify on-chain, or just pretend you know what’s going on. The data is available on Base and Ethereum—because why not? This makes it easier for users to use cbBTC in DeFi, which is great unless you’re confused and just want your money to stay safe. Or at least look safe.

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2025-05-30 13:33