The crypto market has witnessed a surge in Chainlink’s (LINK) price, as more than 17,000 addresses seized the opportunity to acquire a whopping $47 million worth of LINK tokens within a strategically defined support range of $14.4 to $14.8. Analyst Ali points out that the current trading levels above this crucial support zone might trigger a rebound, but caution is advised, as any indications of weakness could prompt investors to shed their LINK holdings to avert potential losses.
As per the latest data from CoinMarketCap, LINK has made significant strides, boasting a 9% gain in the weekly chart, currently trading at $15.85. The daily chart, on the other hand, shows a commendable 1.09% gain. The 24-hour trading volume has surged by 36.58%, underscoring the heightened activity surrounding the digital asset. The cryptocurrency currently holds the #12 spot on CoinMarketCap, commanding a market cap of $8 billion.
Early Access To Chainlink Staking v0.2 Goes Live
The driving force behind this surge can be traced back to the recent announcement that Early Access to Chainlink Staking v0.2 has gone live, witnessing impressive participation as over 11 million LINK tokens were staked within the first 30 minutes of the launch. This development follows the nine-day “priority migration” period last month, during which existing v0.1 stakers seamlessly transitioned their staked LINK and rewards to the new version. Notably, Chainlink Staking v0.2 boasts an expanded pool size of 45 million LINK.
In a tweet from ChainLinkGod.eth, a prominent Community Ambassador for Chainlink, it was revealed that the LINK community demonstrated its unwavering support by staking over half a billion dollars worth of LINK, with a significant portion staked within a mere 7 hours after the Early Access launch. The tweet emphasized the LINK community’s unique combination of deep understanding of Chainlinked smart contracts and active engagement in shaping the future of decentralized finance.
Chainlink, renowned as crypto’s leading Oracle network for providing real-world data to blockchain applications, introduced staking a year ago, thereby enhancing the utility of the LINK token and enabling holders to support the performance of Oracle services while earning rewards.
The latest version of Chainlink Staking, v0.2, brings forth a more flexible unbinding mechanism, allowing stalkers to withdraw their staked tokens more efficiently. Additionally, the update aims to bolster security guarantees and boasts a modular architecture for enhanced adaptability.
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