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Chainlink (LINK) Social Volume Reaches New High, Here's What It Signals

Tue, 01/24/2023 - 14:24
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Tomiwabold Olajide
Chainlink put out tweet on proof of reserves
Chainlink (LINK) Social Volume Reaches New High, Here's What It Signals
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Chainlink's social volume has reached all-time highs, according to on-chain analytics firm Santiment. Earlier in the week, Chainlink put out a tweet on its proof-of-reserve advantages.

Santiment notes that there has been a big uptick in social volume for Chainlink on Twitter, shortly after the tweet was made. The blockchain analytics firm noted that the increased crowd interest may have a positive price impact.

''Chainlink's (LINK) social volume blasts to record highs. Just shortly after chainlink put out this post about its Proof of Reserve advantages, there has been a big uptick in social volume about the asset on Twitter."

"Currently sitting right at $7, the increased crowd interest may have a positive price impact," Santiment analysts wrote. At the time of publication, LINK was marginally down in the last 24 hours at $7.04.

Following the implosion of FTX, more users across the industry began demanding proof of reserves. Chainlink's proof of reserve has been used by stablecoins, wrapped tokens and blockchain bridges to increase transparency on the reserves underlying new on-chain assets.

Chainlink sets milestones in 2022

Chainlink achieved numerous significant milestones in 2022, from value-enabled to LINK staked, assisting in the secure expansion of the Web3 economy. More developers and projects were supported by Chainlink Oracle Services than ever before, resulting in more than $6.9 trillion in transaction value in 2022.

Chainlink Announces New Era with Introduction of Staking

Chainlink Data Feeds now support more Layer 2s and new blockchains, including Solana, a non-EVM chain. Additionally, the introduction of the CF Bitcoin Interest Rate Curve and NFT Floor Price Feeds is enabling DeFi and NFT builders to open up new marketplaces.

The first community pool allocation of Chainlink Staking v0.1 has launched. With the successful release of v0.1, Chainlink enters a new era of crypto-economic security, and Web3 will experience a positive feedback loop of innovation.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.