- Chainlink recently executed over $7 trillion in Transaction Value Enabled (TVE).
- LINK price reacted positively by increasing by over 4% in value.
In addition to the many other significant announcements made by Chainlink, the network has recently revealed a milestone it has reached. Although the network’s popularity has increased due to its many collaborations and integrations, how has it affected the value of its native token, LINK?
Read Chainlink’s (LINK) Price Prediction 2023-24
The trillion-dollar TVE
According to a recent report by Chainlink, a record amount of transactions across various blockchains were recently made possible by the network. According to the report, Chainlink Oracle enabled this transaction on 12 separate blockchains, hitting a milestone in the process. The report claims Chainlink exceeded $7 trillion in transaction value enabled (TVE).
Chainlink is a decentralized oracle network that links blockchain-based smart contracts to external data sources, APIs, and payment systems. It makes possible for smart contracts to safely access off-chain data feeds, online APIs, and conventional bank payments.
This makes it possible to build more sophisticated, data-driven decentralized applications and allows smart contracts to communicate with the outside world. Node operators are compensated for offering these oracle services using the Chainlink token (LINK).
Furthermore, remember that Chainlink released staking features for LINK holders at the end of 2022. For the LINK token and its holders, the staking function increased utility. How much has the network’s potential utility for the token affected it, despite that?
LINK responds to the latest success
Chainlink (LINK) responded well to the news, as evidenced by the asset’s price movement on a daily timeframe chart. LINK had gained more than 4% in value at the close of business on 25 January.
Even though it may seem minor, as of the time of this writing, the rise had continued, albeit very slowly. From the trading period observed, the asset was changing hands for about $6.9.
Source: Trading View
Additionally, the Relative Strength Index (RSI) indicated that LINK was currently in a bull trend. The RSI line seen on the daily period chart was over 60.
However, the Moving Average Convergence Divergence could indicate the strength of the bull trend (MACD). The MACD showed bullish sentiment as it was over zero.
However, according to the volume on the indicator, the MACD indicated that the bullish mood was reasonably strong. The fairly strong trend was further supported by the Directional Movement Index’s Plus DI (green line), resting on 20.
How much are 1,10,100 LINKs worth today
Also, looking at the price history of LINK revealed that there is yet to be a commendable increase in price in response to significant news. This might be interpreted as the token’s value increasing naturally over time. Chainlink’s expanding service offerings could position LINK for more utility and even a value increase.