London, England – The number of new Chainlink (LINK) addresses has been steadily increasing since April 11th, indicating a growing interest in the cryptocurrency. According to Glassnode data, there were 778 new addresses on the network on April 10th, which has now risen to 1123.
This surge in new addresses suggests an uptick in adoption, potentially driving up demand for the token. The rise in new entrants coincided with an announcement from Chainlink about the extension of its Cross-Chain Interoperability Protocol (CCIP) to Ethereum and other Layer-2 networks. This upgrade allows for the cross-chain transfer of native ETH between different blockchain networks, boosting the project’s utility.
Additionally, the increase in new addresses also led to a change in the smart contract supply for Chainlink. The supply in smart contracts, which was around 52% at the beginning of April, has now risen to 53.81%. This uptick indicates a growing trend towards smart contract development within the ecosystem.
Despite these positive developments, there are concerns about the short-term price of LINK. The cryptocurrency may face turbulence in the market due to fluctuations in exchange inflow and outflow. An increase in exchange inflow typically signals that traders are considering selling their assets, which could put downward pressure on the price.
Furthermore, if the inflow continues to outpace the outflow, there is a risk that LINK’s price could drop below $14. However, if selling pressure subsides and buying activity picks up, there is potential for the price to rebound. Overall, the increase in new addresses and smart contract supply for Chainlink indicates a growing interest in the project, but market dynamics will continue to play a crucial role in determining its short-term price movement.