coindesk.com
Donald Trump-backed World Liberty Financial just increased its holdings of Chainlink’s $LINK token.
The project purchased another $1 million worth of $LINK late Thursday, data shows, for the second straight day, increasing its $LINK stash to $2 million worth of tokens. It additionally brought $246,000 worth of Aave’s $AAVE, taking total token holdings to $1.2 million.
Trump's World Liberty(@worldlibertyfi) bought 37,052 $LINK($1M) at $27 and 685 $AAVE($246.7K) at $360 again.
— Lookonchain (@lookonchain) December 13, 2024
Since Nov 30, #WorldLiberty has spent:
30M $USDC to buy 8,105 $ETH at $3,701;
10M $USDC to buy 103 $cbBTC at $97,181;
2M $USDC to buy 78,387 $LINK at $25.5;
1.25M… pic.twitter.com/l9nnv9Ry94
$LINK is now World Liberty Financial’s fourth-largest holding after ether ($ETH), bitcoin (BTC) and tether (USDT).
Backed by the Trump family, World Liberty Financial is a unified platform where users can borrow and lend cryptocurrencies, create liquidity pools and transact with stablecoins. WLFI serves as a governance token for the platform.
It uses data provider Chainlink's services for better integrating with the wider crypto ecosystem. Chainlink supports the platform by providing crucial pricing data and cross-chain interoperability infrastructure, per a November report.
Chainlink bridges blockchains and off-chain systems, providing smart contracts with access to real-world data, external APIs, and other off-chain resources. $LINK tokens, among other are used to pay node operators for their services in retrieving and preparing off-chain data or performing computations.
Part of investor demand for $LINK tokens is directly tied to the utility and adoption of Chainlink's oracle services.
And the market is positively reacting to the Trump-linked purchases — $LINK prices are up 22% in the past 7 days and more than 130% since World Liberty Financial first onboarded Chainlink, helping the token reach price levels last seen in early 2021.
$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.
OI refers to the number of unsettled bets in futures markets. A bump in prices alongside rising OI is generally considered a bullish sign, as it suggests investors are willing to commit new capital to the expectation that the price will continue to rise.