Amidst surging LINK token value driven by heightened whale interest and strong price performance, the Chainlink protocol struggles.
The LINK token experiences a surge in value, driven by increased whale interest and strong price performance. However, the Chainlink protocol faces challenges with declining users and revenue.Chainlink ,
Chainlink’s recent surge can be attributed, in part, to growing whale interest. Santiment’s data revealed that the Chainlink network reached 3-month highs in whale transactions, unique interacting addresses, and trading volume.is on a tear this weekend, with the network seeing 3-month highs in whale transactions, unique interacting addresses, and trading volume.While whale accumulation is often seen as a positive sign, it also carries risks.
High numbers of unique interacting addresses and increased trading volume signify growing user engagement and liquidity. This can make the token more attractive to traders and investors, potentially boosting its price.Over the past 24 hours, LINK’s price increased by more than 18%, making it the top gainer among the top 15 tokens. Due to the price rise, the MVRV Ratio for LINK surged, indicating that many holders had turned profitable.
While this can be seen as a positive sign, it may also lead to profit-taking, potentially causing a price decline.In contrast to LINK’s individual performance, the Chainlink protocol itself faced challenges. Token Terminal’s data revealed a 50% drop in active users and a 47.5% decrease in revenue over the last month.The decline in users and revenue can impact the Chainlink protocol’s development and sustainability.
The falling revenue within the Chainlink protocol could be attributed to a waning interest in its products, such as Verifiable Random Functions and price oracles. These products form a core part of Chainlink’s offerings and are crucial for its decentralized Oracle network.Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates.
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