Although many cryptocurrencies are now trading in the red, Chainlink (LINK), which is currently trading at $7.11, is showing minor gains. This has prompted one cryptocurrency analyst to express optimism about the future of the decentralized finance (DeFi) token.
Particularly, according to a September 22 tweet from crypto trading expert Michael van de Poppe, this is the ideal time to buy the LINK token from the decentralized oracle network.
Whales show interest in Chainlink
The addresses “hodling” 10,000 to 1 million LINK tokens have increased their supply by more than 3% in the last four months, as reported by the on-chain and social metrics platform Santiment. This source also stated that:
“This is quite the massive increase, and it is the highest percentage of LINK held by these addresses in exactly three years.”
It’s also important to remember that Chainlink previously made news when it declared it would not support any Ethereum (ETH) forks that used proof-of-work (PoW) prior to the Merge upgrade, which marked the network’s official switch to the proof-of-stake (PoS) validation algorithm, according to Finbold in early August.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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