Chainlink is getting attention on social networks, what will happen?

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  • Chainlink has seen a high percentage increase in social mentions over the past seven days.
  • The upcoming involvement of LINK, a check-up subscription service, and multiple partnerships could be responsible for the increase in social mentions.

The Chainlink network's native token, LINK, has seen an increase in social mentions, according to data from Lunar Crush. The network has over 3,000 mentions per hour, 586% higher than the 7-day average. Is there a specific factor that causes this interest?

 

 

Social domain metrics increase

According to Santiment, Chainlink's social dominance index increased slightly on November 26. Prior to that, LINK also received a significant number of mentions on social media; On November 19, the measure reached over 1%. Also, it shows a growing interest in Chainlink and LINK.

Data from Lunar Crush corroborates Santiment's chart. 

 

Source: Santiment

What are some factors that can trigger Chainlink's rise?

LINK's recent uptrend is a potential factor that could spark growing interest. Looking at the LINK in the daily timeframe shows that it has run successfully.

According to the chart, the asset is in an uptrend and has gained more than 20% since Nov. 21. Around $5 served as the previous support, while around $7 was the support price at the time. Reply.

Source: TradingView

The upcoming staking feature that Chainlink is about to introduce may have contributed to the LINK-focused talk. On November 21, Chainlink announced that the Chainlink Staking beta (v0.1) will be released on the Ethereum mainnet on December 6.

The v0.1 limited join pool will allow Early Access qualified addresses to join up to 7,000 LINKs. LINK holders can secure the network and collect rewards simultaneously thanks to its join feature.

Chainlink has positioned itself as a proof-of-reserve (PoR) service provider following the collapse of FTX and the growing need for exchanges to issue proof of their reserves.

In a Twitter thread posted on November 10, Chainlink Labs hailed its Proof-of-Reserve product as a solution to the upcoming trust difficulties in the cryptocurrency exchange market.

 

The ongoing alliances and integrations that Chainlink is forming could drive the price of LINK up. The offering of other incentives to LINK holders through staking, starting in December, goes hand in hand with this. Finally, the increase in mentions on social media about the Oracle network and its native coin may also contribute to the increase.

 


Nov 28, 2022

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