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- Grayscale’s Chainlink Trust (GLNK) has experienced a remarkable surge in value, rising by nearly 100 percent in the past week and reaching $39, with each share of the trust holding only $12 worth of LINK.
- A growing number of Chainlink wallets with at least 1,000 LINK tokens are behind the recent LINK price rally to more than $12.
Oracle services provider Chainlink has been in the news as it allows US-based institutional players access to Chainlink-linked products currently trading at a 200 percent premium.
The prices of Grayscale Chainlink Trust (GLNK) have surged by almost 100 percent in the past week, reaching $39 on Monday, up from the $21 level recorded on October 31. Notably, each share of the trust represents only $12 worth of LINK, making it almost three times more expensive than the actual value of its assets. The premium increase was initially reported by Chainlink community ambassador @ChainLinkGod in a post on Tuesday.
Grayscale Chainlink Trust $GLNK trading at a 200%+ premium over spot 🤔
$39 per share, with 0.93482160 $LINK per share pic.twitter.com/0dxljSDzQ8
— ChainLinkGod.eth (@ChainLinkGod) November 8, 2023
The world’s largest asset manager Grayscale unveiled its Chainlink product back in May 2022, which has historically traded at 20 percent premium. However, the staggering premium that it commands now seems to be due to the massive investor rush for LINK.
The Chainlink Trust holds slightly below $4 million worth of LINK and imposes an annual fee of 2.50 percent. Notably, Grayscale’s trust products are unique in that they regularly report financials to the U.S. Securities and Exchange Commission (SEC).
Additionally, it’s worth mentioning that Grayscale and CoinDesk share the same parent company, Digital Currency Group (DCG). LINK tokens have been among the best-performing major cryptocurrencies in the past 30 days, with a remarkable 76% surge driven by technical enhancements and growing institutional adoption of Chainlink’s services.
Chainlink Price Rally Continues
The cryptocurrency market stirred with excitement as Chainlink (LINK) witnessed a notable 5.6 percent surge in a mere 24 hours, propelling its price to $12.86. This rapid increase in value directly responded to a bullish analysis shared by the pseudonymous analyst Rekt Capital, whose insights carry significant weight in the crypto community.
Rekt Capital’s assessment resonated with investors, hinting at a potential turnaround in Chainlink’s fortunes. A pivotal indicator supporting this optimistic outlook is the substantial rise in the number of Chainlink wallets holding a minimum of 1,000 LINK tokens. The data revealed a record-breaking count of 27,152 such wallets, indicating a growing interest in the cryptocurrency.
A closer examination of the technical analysis chart further solidified investor confidence. Chainlink’s price trajectory surged above both the 50-day and 200-day moving averages, a promising signal for those endorsing the cryptocurrency. This upward movement wasn’t a mere blip; it signified a sustained trend, accentuated by the divergence of the moving averages, underscoring the strength of the current upward trend.
Pressing beyond the Monthly Macro Downtrend#LINK #Crypto #Chainlink pic.twitter.com/4IE1ACgywE
— Rekt Capital (@rektcapital) November 6, 2023
In a recent update, the Chainlink BUILD Program extended a warm welcome to Rollup.Finance, an emerging player in the Decentralized Finance (DeFi) arena, as its newest addition to the ecosystem. This partnership will also unlock fresh opportunities and advantages for both projects and the wider cryptocurrency community.
Rollup.Finance’s integration into the Chainlink BUILD program also represents a seamless progression for a project that has been deeply engaged in the Chainlink ecosystem for some time. Its steadfast dedication to Chainlink’s vision of decentralized oracles and secure data transmission underscores the transformative potential of blockchain technology in reshaping the financial landscape.
