Journalist
Posted:
- Interest in LINK grew as prices rose.
- Network growth and speed declined, which could hinder further growth.
Chain link [LINK] saw a huge price increase in recent weeks due to the general positive sentiment in the market.
Traders have high expectations
According to Santiment data, LINK’s price has risen 10% over the past week. This positive price movement is a reflection of the growing interest and demand for Chainlink.
The consequences of this upward trend are remarkable. As the value of LINK increases, it becomes a more attractive investment option. Investors see the potential for higher returns, which could attract more capital into the Chainlink ecosystem.
Additionally, rising social volume indicated increased discussions and excitement surrounding Chainlink. This is usually a sign of growing interest and could lead to wider adoption of the network and its services.
Most of the top 100 #crypto assets have increased +10% in market value over the past week. There have been some notable highlights $LINK, $OKB, $KAS, $RUNEAnd $NEO. Also note the social volume increases, where #FOMO of new entries in space have extended this rally. pic.twitter.com/z8SVl0q8mu
— Santiment (@santimentfeed) November 9, 2023
At the time of writing, LINK was trading at $14,447. LINK’s price has shown higher highs and higher lows over the past week, showing a bullish trend.
However, LINK’s network growth has fallen sharply in recent days. This suggested that new users showed less interest in the LINK token despite the sudden price increase.
There has also been a decrease in speed. This showed that the number of times LINK was transferred had decreased.
The recent decline in LINK’s network growth suggests that fewer new users are entering the LINK ecosystem.
This could potentially slow growth and adoption in the long term.
The decrease in speed, which indicates fewer transfers, could mean less activity with LINK. Despite the price increase, these trends may pose challenges for the future adoption and use of LINK.
Source: Santiment
However, Chainlink’s staking v2 could attract new investors to LINK.
Read Chainlink’s [LINK] Price forecast 2023-24
Chainlink plans to launch LINK staking v0.2 with a large pool of 45 million LINK tokens, worth approximately $650 million. Of this, 40.875 million LINK will go to the community, and the rest to Chainlink node operators.
If you are part of the community, you can stake from 1 to 15,000 LINK tokens, while node operators can stake between 1,000 and 75,000 LINK tokens. This move is intended to give more people the opportunity to stake their tokens and help secure the Chainlink network.