Chainlink (LINK) has gained a momentum of 5.25% over the last 24-hours and 25.44% in the previous seven days. There are several reasons underlying LINL’s exponential increase over the last seven days.
Chainlink is standing in the list of top ten coins by market cap as it attains the seventh spot at CoinMarketCap. At press time, the token is exchanging hands at $11.42.
After claiming a peak value of $20, a series of massive sell-offs reduced value even below $12. Soon after rising to $20, a seller dumped nearly 500,000 LINK. On Sunday, another trader sold almost $500k but it did not pour any bearish effect on the price value. It is due to adoption at a large scale that price increases besides dumping by a few whales.
Over a couple of days, a lot of cryptocurrency exchanges listed LINK pairs. Crypto derivatives exchange BitMEX was the first to introduce LINK-USDT perpetual swap contracts over the platform. Crypto exchange OKEx placed LINK pairs on the exchange. Following OKEx, Europe-based crypto trading platform BitStamp announced to list Chainlink’s pairs.
Chainlink’s Community is Expanding
The crypto space has also witnessed a large number of partnerships between Chainlink and leading companies in the industry. The company has made 115 partnerships with different tech firms so far. According to Wilson Withiam, research analyst at crypto data firm Messari, nearly 30 startups are using data feeds offered by Chainlink. “Among these recent price feed recipients are smart contract platforms Harmony and NEAR, as well as Bancor, which just launched the second version of its AMM protocol,”
“According on-chain data startup Glassnode, the cumulative transaction volume has surpassed $30 billion. Cumulative volume is the total volume operated by the company since its launch,” Withiam said.
Currently, LINK is holding at above 100-day and 200-day moving averages, which is a bullish signal for the project. Other DeFi token, such as Band Protocol (BAND) and yearn.finance (YFI) have also surged significantly over the last week.
Some experts are holding the view that the DeFi craze would soon disturb as a regulatory sandbox for DeFi is coming.