Chainlink (LINK) Is on Investor’s Watchlist, Here’s Why ?

Chainlink (LINK) Is on Investor’s Watchlist, Here’s Why ?

Time Stamp: August 7, 2023 2:04 AM
Source Node: 2807494
  • Chainlink’s development activity witnesses a substantial surge.
  • LINK’s trading volume is up 2% amid bearish momentum.

Chainlink, the leading Web3 services platform, is undergoing significant network enhancements. Notably, its GitHub development activity has surged this summer, propelling the asset into the top five most frequently developed assets, according to a crypto analytics platform, Santiment.

The fourth quarter of 2023 for Chainlink was marked by a flurry of updates, and development activity soared from 25.88% in February to currently at 31.25%.

LINK development activity, Source: Sanbase

On July 17, the platform introduced its Cross-Chain Interoperability Protocol (CCIP). It aims to seamlessly integrate traditional financial institutions with many public and private blockchains. This move triggered a bullish rally, propelling Chainlink to hit a three-month high

Moreover, in another strategic move, Chainlink Labs announced a partnership with GitHub. As the world’s largest AI-powered developer platform, GitHub will collaborate with select startups in the Chainlink BUILD program.

Furthermore, a noteworthy development is the accumulation of Chainlink tokens by whales and high-volume traders holding between $100,000 and $10 million worth of LINK. This accumulation trend has reached its highest point since December 2022. In terms of trading volume, it has experienced a 2.01% increase, now totaling $132,300,234.

At the time of writing, LINK, the native token of Chainlink, is trading at $7.16, Experiencing a 5.60% decline. The asset finds itself in a state of bearish momentum, while its 50-day Simple Moving Average (SMA) stands at $7.23.

Time Stamp:

More from TheNewsCrypto