Chainlink’s social mentions see a spike- Can LINK holders benefit?

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  • Chain­link saw a high per­cent­age increase in its social men­tions in the last sev­en days
  • Upcom­ing LINK stak­ing, Proof of Reserve ser­vices, and mul­ti­ple part­ner­ships could be respon­si­ble for the surge in social mentions

The native token of the Chain­link net­work, LINK, has wit­nessed a spike in social men­tions, accord­ing to data from Lunar Crush. The net­work record­ed over 3,000 men­tions per hour, which was 586% more than the 7‑day aver­age. Were there any spe­cif­ic fac­tors that caused this interest?

 


Read Chainlink’s (LINK) Price Pre­dic­tion for 2022–2023


Social dominance metric ticks upward

Chainlink’s social dom­i­nance indi­ca­tor increased slight­ly on 26 Novem­ber, accord­ing to San­ti­ment. Before that, LINK had also received a respectable num­ber of social men­tions; on 19 Novem­ber, the mea­sure reached above 1%. Addi­tion­al­ly, it revealed an increas­ing inter­est in Chain­link and LINK. 

Data from Lunar Crush cor­rob­o­rat­ed Santiment’s chart. 

Could these Factors be Responsible for the Surge in Chainlink’s Social Mentions? Decoding Details

Source: San­ti­ment

What are some possible triggers for the rise of Chainlink?

The recent upward trend in LINK’s price is one poten­tial fac­tor that could be respon­si­ble for the height­ened inter­est. Look­ing at LINK in the dai­ly time­frame revealed that it had had a suc­cess­ful run. 

Accord­ing to the chart, the asset was in an uptrend and had increased by over 20% since 21 Novem­ber. Around $5 served as the pri­or sup­port lev­el, while approx­i­mate­ly $7 was the sup­port price, at the time of writing.

Could these Factors be Responsible for the Surge in Chainlink’s Social Mentions? Decoding Details

Source: Trad­ingView

The forth­com­ing stak­ing fea­ture that Chain­link is poised to intro­duce may have con­tributed to the chat­ter cen­tered around LINK. On 21 Novem­ber, Chain­link declared that the beta ver­sion of Chain­link Stak­ing (v0.1) would launch on the Ethereum main­net on 6 December. 

The capped v0.1 stak­ing pool would allow address­es that are eli­gi­ble for Ear­ly Access to stake up to 7,000 LINK. Hold­ers of LINK could secure the net­work and col­lect rewards simul­ta­ne­ous­ly, thanks to its stak­ing feature.

Chain­link has posi­tioned itself as a provider of Proof-of-Reserve (PoR) ser­vices in the wake of the FTX col­lapse and the ris­ing need for exchanges to pro­duce evi­dence of their reserves. 

In a thread on Twit­ter post­ed on 10 Novem­ber, Chain­link Labs hailed its Proof-of-Reserve prod­uct as a solu­tion for upcom­ing trust dif­fi­cul­ties in the cryp­tocur­ren­cy exchange market.

The ongo­ing alliances and inte­gra­tions that Chain­link has been form­ing could be caus­ing LINK’s ris­ing prices. The offer of fur­ther incen­tives for LINK hold­ers through stak­ing, begin­ning in Decem­ber, goes hand in hand with this. Last­ly, the growth in social media men­tions of the Ora­cle net­work and its native coin could also have con­tributed to the rise.



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