Is Chainlink’s Soaring Price to $12.50 Linked to a Record Number of Wallets Holding 1,000 LINK?

November 6, 2023

Chainlink Builds Solid Demand Between $14.8 And $15.2, LINK Could Hit This Price Level With The Lack Of Resistance

Chainlink (LINK) has seen a notable surge this weekend in both its token price and number of holders. According to market intelligence platform Santiment, LINK has jumped above $12.50 for the first time since April 2022.

Source: Santiment – Start using it today

In addition, the number of wallets holding at least 1,000 LINK tokens, currently valued at over $12,000, has reached an all-time high of 27,152. This signals growing interest in the project as more users accumulate the minimum needed to run a Chainlink node.

Chainlink operates as a decentralized oracle network that provides external data to blockchains. Its native LINK token powers the ecosystem and incentives. Chainlink’s oracles allow smart contracts on networks like Ethereum to access real-world data like weather or sports scores.

The recent price milestone for LINK comes as the broader crypto market shows potential signs of recovery after a punishing bear market.

Chainlink’s previous all-time high for price and holder count occurred in May 2021, during the tail end of the massive crypto bull run last cycle.

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Chainlink’s impressive rally to over $12.50 coinciding with an all-time high of 27,152 wallets holding at least 1,000 LINK may not be a coincidence. The sudden influx of addresses with sizable LINK positions likely reflects a surge of interest in running Chainlink nodes.

As more nodes come online, demand for the tokens increases, potentially catalyzing the price breakout. While not definitive, the timing suggests Chainlink’s rising adoption and real-world usage is fueling this uptrend. The need for trusted oracles across DeFi and crypto is growing, and Chainlink remains a leader in the space.

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