Chainlink LINK/USD is a cryptocurrency that incentivizes a global network of computers to provide real-world data to smart contracts that run on blockchains.
It has seen massive growth as of recently, and this could be due to DeFi’s reliance on the solution it provides.
The Ethereum Integration as a catalyst for growth
On September 1, Optimism Ethereum made an announcement that it had integrated Chainlink’s market-leading decentralized oracle solutions onto the Ethereum layer-two services.
Furthermore, the booming DeFi space has been dependent on Chainlink to secure live data feeds.
This, in turn, has resulted in an increased demand for the LINK token across users as well as speculators.
With this recent increase in value, is Chainlink (LINK) worth investing in, and how much potential for growth does the token have?
Should you invest in Chainlink (LINK)?
On September 7, Chainlink (LINK) had a value of 32.44.
To get a better perspective of this price range, we’ll go over its historical performance in August and go over its all-time high as a point of comparison.
Chainlink had its all-time high value of $52.70 on May 10. Here, we can see that the price is 62% higher when compared to the value the token had on September 7.
Going over LINK’s performance in August, we can see that it had its lowest point on August 2, with a value of $21.55.
The highest point it got to was on August 16 where the value increased to $30.30. This being the case, we can see that the token increased in value by 40% throughout the month.
According to data from IntoTheBlock, LINK saw $2.23 billion in transactions greater than $100,000.
Additionally, the token saw total exchanges inflows of $350.59 million in the last seven days and total exchanges outflows of $315.91 million in the last seven days.
Furthermore, the network saw a 30-day average of 574.68k addresses, with a 30-day high of 581.44k addresses and a 30-day low of 569.78k addresses.
We can expect the LINK token to increase its value to $43.79 by the end of September with all of this in mind. This, in turn, makes the LINK token a worthwhile investment.
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