After Chainlink’s integration with Moonbeam, can LINK push its value?

By:
on Jun 16, 2022
  • Chainlink’s value has seen an increase of 12% in the span of the last 24 hours.
  • The trading volume surrounding the LINK token has also increased by 23%.
  • This can be attributed to its integration with Moonbeam, as it can provide price data to developers.

Chainlink LINK/USD is a blockchain abstraction layer, which essentially enables universally connected smart contracts.

Furthermore, what made this network popular is due to its addition of a decentralized oracle network, which lets blockchains interact with external data feeds.

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This provides critical off-chain information needed by smart contracts and is now available to Polkadot DOT/USD developers.

Moonbeam integration as a catalyst for growth

The decentralized oracle network Chainlink has integrated a service known as Chainlink Price Feeds to Moonbeam.

Moonbeam is essentially a smart contract parachain on Polkadot, and this integration is aimed at providing data to developers on top of the platform.

Going live on Moonbeam will let those that build within the platform access price information, which is compiled and aggregated from many different exchanges.

This will let developers in the sphere of decentralized finance (DeFi) bring price accuracy across all of their decentralized applications (dApps).

Chainlink has undergone numerous integrations across a variety of different network’s as-well and is one of the largest solutions to see such a high level of growth in terms of its ecosystem.

Should you buy Chainlink (LINK)?

On June 16, 2022, Chainlink (LINK) had a value of $6.737.

For us to see what kind of value point this represents for the LINK cryptocurrency, we will be going over its all-time high point of value, as well as its performance throughout the previous month.

Chainlink (LINK) had a value of $52.70 on May 10, 2021, which marked its all-time high point value.

However, when we take a look at how the token performed throughout the previous month, Chainlink (LINK) had its highest point of value on May 5 at $12.22. 

When we go over the lowest point, it was on May 12 at $5.79, which showcases that the token decreased in value by $6.43 or by 52%.

However, based on the recent update, we can expect Chainlink (LINK) to reach $11 by the end of June.

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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.