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
LINK, the native token of Chainlink, has seen a healthy growth of more than 14% over the past seven days. This is positive news for the crypto ranked 19th on CoinMarketCap, given the current climate in the crypto market.
While most tokens are struggling to maintain their prices and are in the red, LINK has returned more than 2.5% to its investors over the past 24 hours.
Read Price Prediction for Chainlink [LINK] for 2023-24
All eyes are on Chainlink’s staking service which is set to launch on 6 December. The token’s price has been rallying in anticipation of the upcoming feature. There is considerable interest in the crypto community for Chainlink’s staking feature. Experts are projecting a rally of as much as 25% in LINK’s price.
According to data from Coinglass, the total open interest on LINK futures dipped below 1% over the past 24 hours. On the other hand, over half a million worth of LINK was liquidated over the same time period.
Given the recent turmoil in the crypto markets following the solvency concerns of Bahamas based crypto exchange FTX, a number of influential figures in the industry have called for transparency and have started advocating for proof of reserve. On 10 November, Chainlink started offering proof of reserve services for troubled crypto exchanges. This feature was launched back in 2020 but has started to gain popularity in the wake of the current unrest in the industry.
Apart from the staking upgrade, Chainlink announced various partnerships over the last week that will increase its adoption. The company announced on 24 October that prices in the Bitizen wallet will be powered by Chainlink price feeds following its integration into Polygon mainnet.
Chainlink also revealed a channel partnership with Tokenomia.pro, a web3 consultancy firm…
