- Chainlink supply on exchanges declined to a level previously seen in February 2020.
- LINK staking v0.2 went live on November 28, attracting 68% of staked tokens from v0.1.
- LINK price rallied nearly 3% in the past week, climbing above $14.
Chainlink launched version 2 of its staking for the LINK holder community on November 28. Within 24 hours of the launch, several version 1 stakers migrated their holdings to the newer version, and LINK tokens left exchanges in large volumes.
Also read: Bitcoin Spot ETF applications see amendments, holders await January batch approval
Chainlink staking v0.2 draws LINK holders
Staking is a core initiative of Chainlink and it secures the blockchain network. LINK holders back the performance of Chainlink’s oracle services and earn rewards in exchange. Chainlink staking v0.1 had its beta release in December 2022. LINK’s staking pool consisted of 25 million tokens that supported the security of its ETH/USD data feed on the Ethereum chain.
Version 2, v0.2 has been launched with a pool size of 45 million LINK tokens. The network has expanded the scope of participants in its staking initiative and allows priority migration of staking from v0.1 to v0.2.
Within 24 hours of launch, 68% of v0.1 stakers migrated their holdings to v0.2 and existing Chainlink stakers have eight more days of guaranteed access to the new staking pool.
Chainlink Staking
LINK holdings on exchanges hit lowest point since 2020
The staking initiative has likely fueled a bullish outlook among LINK holders. LINK holdings on exchanges have declined to 15.04% of Chainlink’s total supply, a level previously seen in February 2020, according to Santiment data.
A massive decline in LINK supply on exchanges supports a bullish thesis for LINK price, as it implies a reduction in selling pressure on the asset.
 [16.15.35, 30 Nov, 2023]-638369391848962089.png)
LINK supply on exchanges and price
At the time of writing, LINK price is $14.616 on Binance, the altcoin added nearly 1% on the daily timeframe and nearly 3% weekly gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.