by - Chainlink has seen a high percentage increase in social mentions over the past seven days
- Upcoming LINK staking, proof of reserve services and multiple partnerships could be responsible for the increase in social mentions
The Chainlink network’s native token, LINK, has seen a spike in social mentions, according to data from Lunar Crush. The network saw over 3,000 mentions per hour, which is 586% more than the 7-day average. Were there specific factors that sparked this interest?
📊 OVERVIEW: $LINK social mentions measured hourly reached 3.01K, 586% above the 7-day average.
— LunarCrush (@LunarCrush) November 26, 2022
Lily Chainlink (LINK) Price Prediction for 2022-2023
Social dominance metric increases
Chainlink’s social dominance indicator rose slightly on November 26, according to Santiment. Before that, LINK had also received a respectable number of social mentions; on November 19, the measure exceeded 1%. Additionally, it revealed growing interest in Chainlink and LINK.
Lunar Crush data corroborated Santiment’s chart.
Source: Santiment
What are the possible triggers for the rise of Chainlink?
The recent upward trend in the price of LINK is a potential factor that could be responsible for the increased interest. Examination of LINK in the daily schedule revealed that it was executed successfully.
According to the chart, the asset was in an uptrend and had risen more than 20% since Nov. 21. Around $5 served as the previous support level, while around $7 was the support price, at the time of writing.
Source: Trading View
The next staking feature that Chainlink is about to introduce may have contributed to the LINK-centric chatter. On November 21, Chainlink said that the beta version of Chainlink Staking (v0.1) would launch on the Ethereum mainnet on December 6.
The capped v0.1 staking pool would allow Early Access eligible addresses to stake up to 7,000 LINK. LINK holders could secure the network and collect rewards simultaneously, thanks to its staking feature.
Chainlink has positioned itself as a Proof of Reserve (PoR) service provider following the collapse of FTX and the growing need for exchanges to produce proof of their reserves.
In a Twitter thread posted on Nov. 10, Chainlink Labs hailed its Proof-of-Reserve product as a solution to upcoming trust difficulties in the cryptocurrency exchange market.
#Crypto is at a crossroads.
Will crypto continue to repeat the mistakes of the traditional black box financial industry? Or will a better system emerge?
A better system is possible, and reserve proof is a way #Chain link provides the transparency demanded by users.
🧵👇
—Chainlink (@chainlink) November 10, 2022
The ongoing alliances and integrations that Chainlink has formed could be behind the rise in LINK’s price. The offer of additional incentives for LINK holders via staking, starting in December, goes hand in hand with this. Finally, growth in social media mentions of the Oracle Network and its native corner may also have contributed to the rise.
