Chainlink’s development plans are often viewed as the starting point for LINK price movement. Although the network made great progress this time around, the price of LINK did not change much. Why? Well, because the focus has shifted from the short term to the long term.
Chainlink acceptance from GameFi
Chainlink’s price feeds are used by a lot of people but are mainly used to mint or reward NFTs from GameFi applications and use the price feed to rate them satisfactorily. Money Tree, Dreams Quest, Pocoland, TreasureKey, etc. are some of the recent examples of GameFi’s launch of Chainlink. However, these mergers didn’t really make investors happy.
Additionally, LINK’s inability to break the $ 28 mark for over a month, despite its best efforts, only added to the frustration.
LINK price promotion | Source: TradingView
However, Chainlink tries not to worry about the present but instead looks to the future. For example, to tackle the enormous problem of abuse of power by miners (MEV), Chainlink hired lecturer at Imperial College London, Dr. Arthur Gervais, selected to focus on privacy and security aspects, investments and funding of decentralized systems.
MEV is described by Chainlink as the ability of blockchain miners to discount profits at the expense of users. They do this through arbitrary rearrangement, including or excluding transactions in a block.
Funding research on cross-chain bridges MEV played an important role in the development of the Cross-Chain Interoperability Protocol (CCIP). This will be an open source standard for cross-chain communication, support for shared messages, and token transfers over blockchain networks.
However, as mentioned earlier, the current circumstances are not a cause for concern, and for some reason even investors are not worried. Instead, they are very calm.
The profit-taking and investor sell-offs that we saw earlier have slowed.
Investors have been holding for more than a week now. The only selling pressure came from validators or oracles as their balances fell to a monthly low yesterday (October 19th).
Chainlink Validator Credit | Source: Santiment
Even whales and more affluent groups currently have no intention of moving their LINKs as there are no significant developments for them to sell. In fact, large deals (trades valued at more than $ 100,000) are at their lowest ever, below the $ 200 million average.
Large trading volume from LINK | Source: Intotheblock
Usually such calm isn’t best for the coin. However, with price action not giving a clear signal for the future, a little calm will reduce losses for investors.
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According to AMBCrypto