Huge developments are happening for Chainlink as the asset saw a huge influx of new money with its native cryptocurrency reaching an all-time high of $8.23.
The investors seem to be suffering from a serious case of FOMO as they are pumping the native token’s all-time high price in a dull market. While the decentralized oracle provider has been on everyone’s radar this year thanks to Oracle and Google, it doesn’t look like the investors are concerned about what chainlink is actually doing. According to the latest data, LINK saw its price increase over 59% this week and the pump pushed to coin all the way to $8.23.
There’s still a lot of factors that could have caused LINK’s rally, one seems to stand out- retail investors. The data from IntoTheBlock shows that 16% of the addresses are holding LINK since last month. This is a huge month given the fact that there are 19% of addresses holding LINK for longer than a year. Chainlink’s partnership with companies such as Google led everyone to believe this will be the institutional money that will propel LINK to bigger highs. The belief was backed with major developments coming from Chainlink as it announced several new partnerships.
The huge developments happening for Chainlink include the low-volatility money protocol Meter.io and the loan provider Nexo Finance that started using Chainlink’s price reference data. Despite their partnerships with the upcoming Defi Platforms and protocols, LINK was quite busy with the upcoming virtual summit. Announced yesterday, the company’s first smart Contract Virtual Summit will take place on August 28 and August 29, and will mostly focus on smart contracts and the people that operate them.
The summit will feature some of the top minds that bridge the gap between blockchain technology and huge corporations including the co-founder of Microsoft Blockchain Yorke E. Rhodes, and the IBM Blockchain co-founder, along with John Wolpert from ConsenSys.
Chainlink has been among the top performers over the past few weeks and the price of the asset doesn’t seem to back down as it reached its all-time high. We are going to wait and see what the future holds for this amazing asset, so make sure to come back and follow its development.