Chainlink (LINK) price has extended its bullish run above the $40 mark this week as institutional investors, such as Graph Blockchain, continued to invest in popular digital assets.
Fundamental analysis: Graph Blockchain allocates $500,000 into LINK
Graph Blockchain Inc. has announced it has deployed the final tranche into Chainlink’s token LINK, marking its third token acquisition. After announcing the $2 million deployments on April 6, Graph has invested the final tranche of half a million dollars into LINK.
“We are very excited to be deploying funds into our third token purchase. We feel strongly that Link will appreciate in value given it has a substantial market cap of over USD $13B, a fixed supply, and is possibly the most important piece of infrastructure in the blockchain ecosystem. Graph understands firsthand how valuable bridging onchain and offchain data sources is to smart contracts and Chainlink is the best solution on the market,” said Paul Haber, Graph Blockchain’s Chief Executive Officer.
Before buying LINK, Graph had deployed $1 million of its staking capital into the Polkadot (DOT) and $500,000 into the Cardano (ADA) through its wholly-owned cryptocurrency division Babbage Mining Corp.
“As we expand the crypto portfolio, Graph’s value add will include the ability going forward to leverage the crypto acquisitions into building a diversified crypto enterprise within a public company,” said Haber.
Graph Blockchain is a company that develops high-performance blockchain solutions including consulting services and data analysis. Chainlink, on the other hand, is a decentralized oracle network that sends off-blockchain data to smart contracts. In other words, it serves as a bridge between smart contracts and external data or the outside world.
Technical analysis: New all-time highs
Chainlink price has
