Chainlink has always proven to be a rather interesting ecosystem. Following the current price increase of LINK, the token’s median transaction volume is spiking. A 15-month high has been recorded, which is rather telling.
More LINK are Being Moved
It is not uncommon to see an increase in ERC20 tokens’ median transaction volume. For Chainlink, it is not the first time high levels are reached either. The network has seen plenty of transaction volume since its inception, but also tends to see its transaction volume dip out of the blue.
As all crypto markets are currently appreciating in value again, Chainlink appears to be ‘waking up” again. A higher median transaction volume indicates more value is moved across the network. Currently, the median transaction volume – on a 1-day average – sits at $935.23. This is a small step up from the previous 15-month high recorded yesterday.
It is interesting to note how the LINK volume is picking up in the past 24 hours. The chart remained flat for the most part all day, but things are shifting into a higher gear. Whether this will lead to more exchange volatility, remains to be determined. That is one possible outcome everyone needs to take into account.
Looking at the overall transaction count per second for LINK, things are not necessarily improving yet. The number of transactions per second on the network remains fairly low, at just 0.1216. This is not an abnormal figure for Chainlink, but it is something that will need to change. Compared to a few months ago, it is a near 80% decrease, with no real improvement in sight.
Chainlink Keeps Growing
Determining the current state of Chainlink requires looking beyond these statistics. Judging by the number of total LINK addresses, the growth appears to be accelerating. A year ago, there were 152,062 unique addresses. Today, there are just under 790,000. A clear sign of more people obtaining LINK, through a wide variety of measures.
In the price department, LINK has become incredibly bullish. Part of this momentum is aided by bitcoin finally noting some strong bullish momentum. It will take a while before LINK reaches the all-time high of $19.83 again. That was recorded just two months ago, however, thus anything remains possible.