Chainlinks integration into other chain is not a new concept. LINK’s integration into other chains is a common practice.
However, it seems that this has not been the case lately. This could be due to the recent efforts by the chains.
Chainlink focuses green
However, only for nature and not for charts. The Chainlink Community Grant Program provides financial support to many research teams and development teams, enabling them to create a more functional, accessible and socially beneficial Chainlink Network.
In keeping with this goal, the Net Zero Protocol, located in London, is the latest beneficiary of the grant programs. It is an initiative that uses innovative technologies to support UN Sustainable Development Goal 13 and the race for net zero.
The crypto-space is focusing more on the environment. AMBCrypto reported that Algorand has also launched a self-sustaining smart contract that automatically allocates a portion from every transaction fee to offset carbon emissions.
Chainlinks investors are not as fortunate as the Earth. LINK holders, who, unlike Dogecoins, are still waiting for their losses to be recovered.
Since May, after LINK’s ATH, investors in loss have increased by 68% thanks to the consistently declining price of LINK.
Chainlink investors in loss | Source: Intotheblock – AMBCrypto
The bears influence has been so strong that even March’s 42.29% rally was invalidated, keeping the price close to the market bottom of $11.4.
Yesterday, intraday trading almost saw it fall to it before it came back up, resulting into the 7.18% long downtrend.
Price action for Chainlink Source: TradingView – AMBCrypto | Source: TradingView – AMBCrypto
However, altcoin still has the potential for growth. Not on the back of these developments, but on the back of the king coin – Bitcoin.
LINKs prices have seen highs in the past, especially during periods of high Bitcoin correlation (Above 0.5). Chainlink could follow Bitcoin’s lead and see a sustained recovery.
Chainlink’s correlation to Bitcoin | Source: Intotheblock – AMBCrypto
Investors are either accumulating stocks to HODL or to make profits. Particularly since sell orders at the market price are outstripping buy orders by twice the volume,
This can be supported by the fact that Exchange outflows in the last two months have seen volumes exceeding $1.79 Million.
Chainlink’s supply on exchanges | Source: Glassnode – AMBCrypto
Therefore, even though there isn’t a lot of financial incentive for people to invest in Chainlink, their long-term plans continue driving them towards Chainlink.