LINK investors flood the market, but could declining VRF demand pose problem?

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Chainlink price spike due to increased address interactions. There was a decline in VRF demand, and network growth, but growing whale interest and collaborations. Chainlink [LINK], a decentralized oracle network, has recently seen a significant increase in price over the past few days. According to data from Santiment, this spike in price can be attributed […]

network. Despite this positive development, it is important to note that this surge in price may be short-lived due to new developments.One reason for the uptick in price is the increasing number of LINK addresses within the network. According to Santiment, this behavior of the addresses started two months ago, and over time, this behavior could have a positive impact on the prices of Chainlink.Although the activity of the users increased, the interest in Chainlink’s VRF services declined.

However, the growing development activity on the network could suggest the possibility of new updates and upgrades, which may attract new users in the future.However, whales continued to show interest in the LINK token. This was showcased by the growing percentage of large addresses that were holding the token, at the time of writing.One possible reason for this increase in interest from large investors would be the recent collaborations on the Chainlink network.

 

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