Chainlink surges 35% in a week as over $100M LINK leaves exchanges Chainlink surges 35% in a week as over $100M LINK leaves exchanges
LINK sees largest outflow of the year as investors prepare for staking rewards
2 min read
Updated: Oct. 23, 2023 at 1:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Chainlink’s native token, LINK, emerged as one of the top performers in the past week, surging 35% in value. This meteoric rise marked the highest weekly close for LINK in over 18 months.
The asset broke through critical resistance levels, hitting highs not seen since May 2022. At its peak, LINK traded at around $11 per token, shattering expectations amid a broader market rally before retracing some of its gains.
While the reasons behind the pump were initially unclear, the launch of Chainlink Staking v0.2 later this year has generated immense hype and optimism for the project’s future potential.
Chainlink Staking v0.2 will introduce features like flexible withdrawals, liquid rewards, modular architecture, and dynamic rewards. These innovations aim to enhance user experience and incentivize participation in the network.
Adding further momentum, over $100 million worth of LINK has come off exchanges in the past 30 days, marking one of the most significant outflows of the year. This supply shock indicates investors are potentially locking up tokens in anticipation of staking rewards from the upcoming v0.2 release.
Liquid rewards allow stakers to claim yields as they accrue rather than waiting for set schedules. The modular architecture will enable seamless upgrades, and dynamic rewards will open new revenue streams.
With prices hitting multi-month highs, all eyes are now on Chainlink as it capitalizes on its technical breakthroughs and cements its status as an industry pioneer. Its long-term capacity to sustain this growth may signal its readiness for mainstream adoption.
Chainlink Market Data
At the time of press 1:45 pm UTC on Oct. 23, 2023, Chainlink is ranked #13 by market cap and the price is up 8.83% over the past 24 hours. Chainlink has a market capitalization of $5.58 billion with a 24-hour trading volume of $1.33 billion. Learn more about Chainlink ›
Crypto Market Summary
At the time of press 1:45 pm UTC on Oct. 23, 2023, the total crypto market is valued at at $1.16 trillion with a 24-hour volume of $39.57 billion. Bitcoin dominance is currently at 51.49%. Learn more about the crypto market ›
Author 
Liam 'Akiba' Wright
Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
