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Chainlink Price up by 15% in 7 Days, Here's Why

Tue, 11/29/2022 - 15:27
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Tomiwabold Olajide
Chainlink has also reentered top 20 cryptos in terms of market cap
Chainlink Price up by 15% in 7 Days, Here's Why
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Chainlink's (LINK) price has gained nearly 36% from lows of $5.52 on Nov. 21 to intraday highs of $7.5 seen at press time.

At the time of publication, LINK was trading at $7.35, up 7.71% in the last 24 hours and 15.68% on the weekly timeframe. Chainlink has also reentered the top 20 cryptos in terms of market cap, ranking the 19th largest with a valuation of $3.73 billion. LINK's price increase might have been partly fueled by the recent advancement of Chainlink's Oracle services.

Chainlink Number of "Hodlers" Reaches Fresh Highs Despite Price Declines

There is increasing demand globally for transparent financial applications. With this new standard in user expectations, trillions of dollars' worth of value are poised to flow into the Web3 economy. As an oracle network, Chainlink enables developers to build Web3 applications with access to real-world data and off-chain computations.

Chainlink services expand

According to Delphi Digital, in the past week, Chainlink had over 246,000 verifiable random function (VRF) requests fulfilled, an increase of 259% over the week before. The bigger chunk of this activity was on Polygon.

Most recently, Chainlink announced a partnership with Tom N' Toms Coffee, a coffeehouse chain based in South Korea with over 400 branches in nine countries. The coffee brand will be integrating Chainlink Price Feeds on Polygon's mainnet into its recently announced NFT marketplace, HEYST, which will go live in mid-December 2022.

On Nov. 10, Chainlink Labs began offering proof-of-reserves auditing services to exchanges. After the FTX debacle, traders have been looking for greater clarity on exchange reserves, which might increase demand for oracle services like Chainlink and also boost the LINK price.

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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.