There are many different altcoins that noted strong gains in the past week. ChainLink certainly checks the right boxes in this regard, although there are plenty of other important reasons to keep an eye on this project.
Statistics from CoinGecko confirm that ChainLink has one of the more active GitHub repos in the cryptocurrency industry. The past four weeks have yielded 262 commits, which is a more than respectable number. ChainLink is not far behind Bitcoin in this regard. Continuing the development of a project is crucial to ensure it can remain relevant.
Looking closer at the developer activity, it is interesting to note that Chainlink has 51 contributors. Combined with 155 watchers and 246 forks, the past month has yielded ample activity. Data-wise, 11,316 lines of code were added, and 8,170 removed in the past four weeks. All of these statistics are very prominent in their own regard.
Buzzing Social Sentiment
When any crypto asset gains value, the social activity will increase. Keeping tabs on the social activity prior to major price jumps is a lot more interesting. ChainLink has always seen plenty of activity. The current statistics look very impressive, however.
– 10,590 social posts (up by 125.4%)
– 153,405,204 social engagements (up by 129.5%)
– 78% bullish sentiment
– 23.53% social dominance (up 864.2%)
Most of this social volume is not driven by the current price action. There are so many developments taking place behind the scenes to keep an eye on. Even an NBA player is keeping tabs on ChainLink now, which is pretty interesting.
Prominent Network Statistics
A crypto asset is only relevant if people use it on a regular basis. ChainLink is checking the right boxes in this regard in recent months. In fact, a new five-month high in transaction volume was reached just yesterday. Impressive growth, given how the previous peak was noted on February of 2020.
Coinciding with this transaction volume spike, the number of exchange withdrawals has also risen. Pulling more LINK off exchanges will reduce the available supply capable of triggering market volatility. Given the current market sentiment, the number of people looking to sell LINK will likely decrease even further.
Many different statistics can be attributed to the cryptocurrency industry. Most of them are far from relevant, however. Messari provides some insights into the real trading volume, and the liquid market cap, among other things. It is this latter metric that is of great interest when looking at ChainLink.
More specifically, LINK has a liquid market cap of just under $7.8 billion. A very solid figure, as it puts the project ahead of XRP, Cardano, Stellar, Litecoin, EOS, and so forth. Ranking third in terms of liquid market cap is very impressive for this particular project.
Koinju Volume Spike
Comparing all of the different statistics will often help to look at the bigger picture. According to Koinju, ChainLink has the second-highest 24-hour volume of all cryptocurrencies. More specifically, LINK has $164 million in volume, which would put it at nearly twice the volume of Ethereum.
For now, it is a bit unclear how Koinju records this data exactly. It is based on depicting demand for crypto assets and determining the potential market movements. Interestingly enough, these statistics would not be too far off. Messari also ranks ChainLink ahead of Ethereum in real volume, although with different figures.
Ongoing Technology Integration
Throughout the year 2020, various companies and projects have confirmed they will integrate ChainLink’s oracles into their products and services. That list includes impressive names, such as Kadena, Oracle, China’s Blockchain Service Network, and Ethereum Classic, to name a few.
With so many third parties acknowledging the hard work by the ChainLink team, there is plenty of positive momentum. Building a blockchain solution that is used by so many others is anything but straightforward in this day and age.
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