Chainlink Circulation Activity Breaks 5-Year Milestone

2022.06.29 17:25

Chainlink Circulation Activity Breaks 5-Year Milestone

• Chainlink breaks a 5-year milestone.
• Trading activity for LINK has picked up over the last day.
• Despite the large milestone and pick-up in daily trading volume, the price of LINK still dropped.

Chainlink (LINK) breaks a 5-year milestone by seeing its most massive day of circulation since its genesis block back in 2017.

Circulation for LINK soars (Source: Santiment)

Data recently released by Santiment shows how the circulation of LINK has surged over the last 48 hours. This follows after circulation activity began to pick up around the start of June. Before the start of the month, LINK’s circulation activity was rather flat with almost no signs of life.

Recently, 80.8 million unique LINK moved, which is the highest single-day amount since the coin started trading publicly.

Trading activity for LINK has also picked up over the last day. The total daily trading volume is around $599,769,431, which is a 39.61% increase in trading activity.

The high circulation activity for LINK has not been complemented by an increase in LINK’s price over the same period. According to CoinMarketCap, the price of LINK has fallen 3.58% in the last 24 hours as the rest of the altcoins on the top 30 list also experienced price falls.

LINK’s 24-hour price increase has added to the negative weekly performance of the coin. At the time of writing, LINK is down 4.38% over the last seven days.

Chainlink is currently the 23rd biggest project in terms of market cap, with a market cap of $2.94 billion. This ranks it underneath Cronos (CRO) with its market cap of $3.00 billion and above Stellar (XLM) with its market cap of $2.84 billion.