How Chainlink’s Demand is Surging to New Heights
Chainlink (LINK) has experienced a significant surge in demand, leading to a substantial increase in its price and network activity. Let’s take a closer look at what’s fueling this surge in demand and what it means for LINK holders.
Surge in Active Addresses and New Demand
According to on-chain data provider IntoTheBlock, LINK has seen a 220% rise in active addresses over the past month. This surge in active addresses indicates a growing interest in the cryptocurrency and its underlying technology.
Likewise, new demand for LINK has climbed by 211% during the same period. This increase in demand is further supported by data obtained from Santiment, which shows that LINK saw the creation of 3044 new addresses on 9th November, its highest daily count since July.
Market Rally Driving Growth
The surge in LINK’s network activity can be attributed to the general rally in the cryptocurrency market. As a result, LINK’s price has increased by 108% in the last 30 days, reaching $15.04 at the time of writing, its highest price level since 14th April.
LINK Holders Interested in Taking Profit
With LINK trading at a multi-month high, holders have increasingly sent their tokens to crypto exchanges for onward sales. Data from Santiment shows a steady inflow of LINK tokens to exchanges since the rally began, with the alt’s exchange inflow growing by 17% on a 30-day moving average.
The profitable nature of LINK transactions is evident from the daily ratio of LINK transaction volume in profit to loss, which stands at 2.1 (30-day MA) at press time. Additionally, LINK’s Market Value To Realized Value ratio (MVRV) of 76.29% indicates that most holders could expect a minimum return of 76.29% on their initial investments.
The surge in demand for Chainlink (LINK) is a clear indicator of the cryptocurrency’s growing popularity and value. The increased activity in the LINK network and the rise in its price point to a positive outlook for the cryptocurrency in the coming months. However, holders should be mindful of potential market fluctuations and the impact they may have on the profitability of their investments.
### News source: ambcrypto.com