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Chainlink: Are traders holding on to their ‘LINK’s? These developments could prove…

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Chainlink has been making waves in the Web3 space and has been capitalizing on its fast paced growth. With a surge in network growth and rise in development activity, the cryptocurrency also witnessed interest from crypto whales. Can Chainlink capitalize on this growth?
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Chainlink [LINK] had an important update for its community as of 29 October. The Chainlink team, posted a tweet, that stated about a recent update around the network’s efforts in the Web3 space.

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Here’s AMBCrypto’s Price Prediction for Chainlink [LINK] for 2022-2023

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LINKing up in Web3

The Chainlink team mentioned of the ways it was contributing to the Web3 growth. This was done by its Transaction value enabled (TVE).TVE is a Web3 metric that measures the aggregate monetary value of transactions facilitated by a protocol over a given time period.

As can be seen from the image below, the number of transactions enabled by Chainlink on the Web3 ecosystem continued to grow throughout 2022. Chainlink, at the time of writing, had facilitated more than 6.4 trillion transactions in the Web3 space.

Source: Chainlink blog

Furthermore, apart from the Web3 developments, Chainlink also managed to observe noteworthy growth in terms of on-chain developments. Over the past few days, Chainlink observed a spike in terms of network growth. An uptick in network growth would suggest that the amount of new addresses that transferred LINK for the first time had grown. 

Alongside Chainlink’s network growth, its development activity surged as well. This indicated that the developers on the Chainlink team had been increasingly contributing to Chainlinks GitHub. Thus, implying that there could be a possibility for further updates and upgrades in the future.

These developments coupled with an increasing Market Value to Realized Value (MVRV) ratio could paint a positive outlook for Chainlink’s future.

Source: Santiment

LINK the whales too!

Another positive indicator for Chainlink was the growing enthusiasm for LINK from whales. According to WhaleStats, a crypto whale tracking platform, the top 500 Ethereum whales were consistently showing their interest in LINK. According to a tweet posted on 30 October, LINK was one of the most used smart contracts among the top 500 ETH whales in the last 24 hours. 

Furthermore, at press time, the top 500 Ethereum whales were holding $43 million worth of LINK. The rising whale interest coupled with the various collaborations in the NFT and DeFi space could act as a boon for the network.

At press time, Chainlink was trading at $7.80 and its price had appreciated by 8.59% in the last 24 hours. Its volume observed an immense increment of 128% in the same time duration as well.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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