Chainlink LINK/USD provides data feeds to blockchain-based smart contracts that expands its services to include decentralized off-chain computation. This process will be completed by a network of node operators known as Chainlink Keepers.
Furthermore, Chainlink Labs has also introduced cross-blockchain bridges which have an anti-fraud risk monitoring component associated with them.
Crypto Keepers as a catalyst for growth
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SmartCoin announced that Keepers is a service layer that can tell smart contracts exactly how and where to behave, and the feature is live on Ethereum and being adopted by Alchemix, Bancor, Barnbridge, PoolTogether, Synthetix and Aave.
Chainlink allows inputs including data for decentralized finance (DeFi), random number generators to esports scores and gaming prediction markets to be piped into blockchain through a decentralized oracle network which is maintained by Chainlink nodes.
This update will increase the popularity of Chainlink and the increase in the adoption of the blockchain will lead to a heightened market requirement for the token, which will increase the circulating supply and overall value of the LINK token.
Should you buy Chainlink (LINK)?
On August 6, Chainlink (LINK) was worth $23.37.
To get a perspective of this value further, the all-time high the token achieved was on May 10 when it got up to $52.70 in value. This indicates a decrease of 55% from its all-time high-value point.
However, to get a clearer perspective on its more recent price developments and potential, we will be going over its value in July.
On July 7, the token climbed up to as high as $20.93, while it dropped to as low as $13.48. This means that the value the token had on August 6 was 11% larger than its highest point in July, and 73% larger than its lowest point which indicates solid growth.
According to data from IntoTheBlock, we can see that in the last 7 days, LINK had $1.92 billion in transactions greater than $100,000. Furthermore, it saw $243.93 million in total exchange inflows throughout that time, as well as $254.45 million total exchange outflows.
This gives us an indication that there is genuine interest in the token, and that it can only climb higher from here.
With all of this in mind, we can expect to see the value of the LINK token rise to $25 by the end of August which makes it a good buy option.
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