Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject
Chainlink is the leading name among oracle networks. Its native token LINK has had a rather volatile week, going from a 10-week high of $9.038 on 8 November all the way down to a 4-month low of $5.920 on 13 November. At press time, LINK was trading at $6.10, down almost 13% over the past week. The altcoin’s market capitalization was $2.9 billion, with a 24-hour trading volume of $273 million.
Read Price Prediction for Chainlink [LINK] for 2023-24
The dramatic price movement is largely due to the FUD induced in the crypto-market by FTX’s bankruptcy. This landmark event has sent ripples throughout the industry, with experts describing it as the beginning of another crypto-contagion.
In light of the panic and distrust among investors and traders for crypto-exchanges, Chainlink has offered to facilitate proof of reserves for exchanges that wish to work towards transparency in a bid to reassure their customers.
Data from Coinglass revealed that the open interest for LINK futures on the world’s largest exchange has declined by more than 7% in the past 24 hours. However, the combined change across all exchanges increased by 3.15%. The token has seen liquidations worth $915,000 over the past 24 hours.
Here, it’s worth noting that before the current episode, LINK was rallying. The rally was largely due to the strong whale accumulation and address activity that’s been seen since January 2022. Addresses holding between 10,000 and 1 million LINK have not slowed down their accumulation throughout the year.
Over the past month, Chainlink has announced a string of partnerships and integrations with platforms including Cask Protocol, Shamba Network, Tokenize Xchange etc.
Given the recent turmoil in the crypto markets following the solvency concerns of Bahamas based crypto exchange…
