Connect with us
Active Currencies 14356
Market Cap $2,729,537,609,538.60
Bitcoin Share 50.37%
24h Market Cap Change $7.49

Chainlink: How the latest update can affect Link prices

2min Read

Chalink Staking v0.2 will increase the staking pool from 25 million to 45 million. There were possibilities that the update would affect Link’s price. 

What Chainlink’s new update could mean to investors 

Share this article

  • LINK was down by more than 4% in the last seven days.
  • Selling pressure on Chainlink was high, but a few indicators looked bullish.  

Like most cryptos, Chainlink’s [LINK] price chart remained red, thanks to the bearish market condition. However, Chainlink has launched a new update for its staking ecosystem, which has the potential to help LINK investors enjoy profits. 


Realistic or not, here’s LINK market cap in BTC‘s terms    


Chainlink launched Staking v0.2

After the launch of Chanlink staking v0.1 back in December last year, the blockchain has now revealed the next update, v0.2. The first version consisted of a 25 million LINK staking pool. With the new release, the staking pool has been increased to 45 million LINK

V0.2 has been rearchitected into a fully modular, extensionable, and upgradable staking platform.

The update would not only provide greater flexibility but also improve security and introduce a dynamic reward mechanism. As per the official announcement, the launch of the v0.2 beta upgrade will progressively expand access to a broader scope of participants.

Beginning with a priority migration period for existing v0.1 stakers before entering Early Access and then General Access.

Will this help Chainlink investors?

At first glance, it might not look like the release can have an impact on LINK’s price, but a deeper delve into the scenario suggests otherwise. As the update would considerably increase the staking pool, it can be expected that more LINK tokens that are in circulation will get locked in staking.

This might cause a shortage in its supply and increase demand. And as per the demand and supply theory, when demand increases and supply decreases, prices tend to move up. Therefore, there were chances of the new staking update having a positive impact on LINK as it struggled to push its price up.

According to CoinMarketCap, LINK was down by more than 4% last week. At press time, it was trading at $5.91 with a market capitalization of $3.1 billion. A possible reason behind the downtrend might be an increase in selling pressure.

This was evident from LINK’s exchange netflow, as net deposits on exchanges were high compared to the seven-day average. Nonetheless, Chainlink’s positive sentiment spiked a few times, reflecting investors’ confidence. Whale activity around LINK also remained relatively high last week.

Source: Santiment


How much are 1,10,100 LINKs worth today     


A few of the market indicators also looked bullish on LINK. For instance, both the Relative Strength Index (RSI) and the Money Flow Index (MFI) were entering the oversold zone, which can increase buying pressure.

Additionally, the MACD displayed the possibility of a bullish crossover. However, its On Balance Volume (OBV) remained low, which was concerning. 

Source: TradingView

Share

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.