chain link [LINK] It is building its network in anticipation of a sharp price hike for some time. Recently, the network has most dangerous DECO is a protocol designed to enable secured lending.
The privacy-preserving oracle protocol will allow data to be transmitted over the Internet smoothly. It will also aim to be a healthy addition to Chainlink. In addition, Chainlink has been able to reap the benefits of other developments like this on its social performance in the cryptocurrency market.
For more than two years, LINK has been trending downward against BTC as well as its social dominance. However, that story has recently changed as LunarCrush mentioned in a recent tweet.
on me Tweet embed We would like to link social activity to PA (price action) in order to converge to better identify overall trend shifts
– LunarCrush (LunarCrush) September 16, 2022
Tie the right knots
According to an update from LunarCrush, Chainlink’s social dominance has finally “stabilised” after a decline of more than two years. News of the massive increase in social activity has turned LINK into the “currency of the day” of the hour LunarCrush.
This could be a huge boost to the Chainlink community, which has been an important part of this social drive. But huge credit also goes to developers who have been busy despite the difficult macro conditions in the background.
Looking at the developer activity of Chainlink, a general upward trend for the month of August can be seen. However, this trend has gone south since the beginning of September. With that said, the reading is expected to receive more upside pressure after the DECO announcement.
At the end of the third quarter of 2022, Chainlink Market introduced another one Weekly Summary from the network. According to this update, Chainlink has seen a spike in activity lately.
Over the past week, there have been more than 73 million feed updates, an increase of nearly 6%. The network also saw 102,850 VRF requests (+21.18%) and 95,290 direct inquiries (+13%). Node operators on Chainlink also managed to accumulate 122,100 LINKs, an increase of 15.1% over the previous week.
Where is Link now?
LINK has shown bullish signals during the week as seen in the market. This has been a recurring topic in the network in light of increased NFT activity and growing market value.
Additionally, according to CoinMarketCap, LINK was trading at $7.95 after a 4.6% rise on September 16. This increase effectively erased losses this week and LINK is up 3% on the weekly chart.