• Santiment Shows Chainlink Building Momentum As Dormant LINK Tokens Exit Exchanges

  • The emergence of Chainlink is due to LINK quitting exchanges.

    Santiment, a cryptocurrency market monitoring tool, has issued an update on ChainLink, highlighting a buying opportunity for retail investors.

    The indicators show how ChainLink has been gaining pace since early July, resulting in a profitable purchase time of +41 percent since July 1, as shown in the graph below. The data shows how dormant LINKs suffered a significant migration as funds migrated away from exchanges and into cold wallets.

    Chainlink Price Action Influenced By Exchange Supply And Dormant Movement

    The main cause for the latest price increase is that LINK supply on exchanges has been decreased to a fair level over the last seven days. This indicates that more long-term investors are now purchasing the asset, while paper hands are exiting the market.

    Furthermore, as shown in the graph, Dormant LINK has been witnessing enormous activity since the end of June.

    This has invariably resulted in an increase in price movement. According to CoinMarketCap data, the LINK price is presently trading at $8.46, with a 24-hour trading volume of $429,323,243. Notably, ChainLink LINK has risen 9.22 percent in the last 24 hours, while LINK has risen from $5.79 to $8.49 in the last 30 days.

    ChainLink is ranked #23 on CoinMarketCap, with a live market cap of $3.97 billion, somewhat less than FTX Token, which has a market cap of $4.19 billion.

    Chainlink’s Merge with Ethereum

    A new tweet by ChainLinkGod.eth demonstrates how ChainLink will integrate into the forthcoming Ethereum merging, which is scheduled for September of this year, 2022.

    The Chainlink protocol would continue to run on Ethereum during and after the Merge, according to the tweet. However, it will not support Ethereum blockchain forks, including PoW forks.

    It goes on to explain why supporting PoW forks is unfeasible, pointing out that it would duplicate the LINK token and that the forked PoW tokens are unlikely to have enough liquidity to protect Data Feeds.

    After BTC bottomed out at $17,000 a few months ago, the Crypto Market is barely making a rebound move. While some analysts are still speculating on what the bottom will be for the Top Cryptocurrency, most altcoins have seen price increases during the present cryptocurrency market uncertainty.

    Some of these examples include FLOW, which increased by 54%, DCR, which increased by 44%, TWT, which increased by 27%, and many more.

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