{"id":178930,"date":"2023-10-22T14:12:39","date_gmt":"2023-10-22T08:42:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=178930"},"modified":"2023-10-22T14:12:39","modified_gmt":"2023-10-22T08:42:39","slug":"chainlink-will-whales-help-drive-interest-in-link-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/chainlink-will-whales-help-drive-interest-in-link-crypto-news\/","title":{"rendered":"Chainlink: Will whales help drive interest in LINK? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<br style=\"clear: both;float: none\" \/><\/p>\n<ul>\n<li><em>LINK surged due to rising whale interest.<\/em><\/li>\n<li><em>Despite LINK\u2019s success, the Chainlink protocol faced a drop in active users and revenue.<\/em><\/li>\n<\/ul>\n<p>The crypto market has been a dynamic arena lately, with several altcoins experiencing substantial growth. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/Chainlink\" data-wpel-link=\"internal\">Chainlink [LINK],<\/a> in particular, has garnered attention with its strong performance.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Realistic or not, here\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/marketcap\" data-wpel-link=\"internal\">LINK\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<h4>Whale activity on the rise<\/h4>\n<p>Chainlink\u2019s recent surge can be attributed, in part, to growing whale interest. Santiment\u2019s data revealed that the Chainlink network reached 3-month highs in whale transactions, unique interacting addresses, and trading volume.<\/p>\n<p>In an environment where many altcoins are benefiting from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/btc\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a> redistribution, LINK stands out.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd17\ud83e\udd73 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">#Chainlink<\/a> is on a tear this weekend, with the network seeing 3-month highs in whale transactions, unique interacting addresses, and trading volume. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">#Altcoins<\/a> have been benefiting from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">$BTC<\/a> redistribution, but <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">$LINK<\/a> has been a particular standout. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/lxlb8SmzKL\" data-wpel-link=\"external\">https:\/\/t.co\/lxlb8SmzKL<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/Yaw5qyV8jL\" data-wpel-link=\"external\">pic.twitter.com\/Yaw5qyV8jL<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1715901576274149560?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">October 22, 2023<\/a><\/p>\n<\/blockquote>\n<p>While whale accumulation is often seen as a positive sign, it also carries risks. When large holders control a significant portion of a token\u2019s supply, it can lead to increased price volatility. The actions of these whales can trigger sharp price movements, affecting smaller investors.<\/p>\n<p>High numbers of unique interacting addresses and increased trading volume signify growing user engagement and liquidity. This can make the token more attractive to traders and investors, potentially boosting its price.<\/p>\n<p>However, rapid fluctuations in these metrics can also signal speculative behavior.<\/p>\n<h4>Bulls LINK up<\/h4>\n<p>Over the past 24 hours, LINK\u2019s price increased by more than 18%, making it the top gainer among the top 15 tokens. Due to the price rise, the MVRV Ratio for LINK surged, indicating that many holders had turned profitable.<\/p>\n<p>While this can be seen as a positive sign, it may also lead to profit-taking, potentially causing a price decline.<\/p>\n<div id=\"attachment_352754\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.41.25-22-Oct-2023.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352754\" class=\"size-full wp-image-352754\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ChainLink-on-Ethereum-LINK-12.41.25-22-Oct-2023.png\" alt=\"\" width=\"2560\" height=\"867\" \/><\/a><\/p>\n<p id=\"caption-attachment-352754\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<p>In contrast to LINK\u2019s individual performance, the Chainlink protocol itself faced challenges. Token Terminal\u2019s data revealed a 50% drop in active users and a 47.5% decrease in revenue over the last month.<\/p>\n<hr \/>\n<p style=\"text-align: center\">Is your portfolio green? Check out the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/chainlink-profit-calculator\" data-wpel-link=\"internal\">LINK Profit Calculator<\/a><\/p>\n<hr \/>\n<p>The decline in users and revenue can impact the Chainlink protocol\u2019s development and sustainability. A reduction in revenue could lead to limited resources for improving the ecosystem and addressing emerging challenges.<\/p>\n<p>The falling revenue within the Chainlink protocol could be attributed to a waning interest in its products, such as Verifiable Random Functions (VRFs) and price oracles. These products form a core part of Chainlink\u2019s offerings and are crucial for its decentralized Oracle network.<\/p>\n<div id=\"attachment_352758\" style=\"width: 2570px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352758\" class=\"size-full wp-image-352758\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"\" width=\"2560\" height=\"1257\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM-300x147.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM-1024x503.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM-768x377.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM-1536x754.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM-2048x1005.png 2048w\" data-lazy-sizes=\"(max-width: 2560px) 100vw, 2560px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-352758\" class=\"size-full wp-image-352758\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-22-at-12.48.35-PM.png\" alt=\"\" width=\"2560\" height=\"1257\" \/><\/a><\/p>\n<p id=\"caption-attachment-352758\" class=\"wp-caption-text\">Source: Dune Analytics<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>LINK surged due to rising whale interest. Despite LINK\u2019s success, the Chainlink protocol faced a drop in active users and revenue. The crypto market has been a dynamic arena lately, with several altcoins experiencing substantial growth. Chainlink [LINK], in particular, has garnered attention with its strong performance. Realistic or not, here\u2019s LINK\u2019s market cap in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":178931,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-178930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=178930"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178930\/revisions"}],"predecessor-version":[{"id":178937,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/178930\/revisions\/178937"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/178931"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=178930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=178930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=178930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}