Chainlink has surged ahead of other altcoins, propelled by a sudden spike in Age Consumed, indicating previously dormant wallets springing to life. 

This influx of Chainlink back into circulation has likely boosted its price, coupled with minor liquidations that often accompany Fear, Uncertainty, and Doubt (FUD), contributing to further price rises.

🔗📈 #Chainlink has jumped ahead of the #altcoin pack after some previously dormant wallets created the highest Age Consumed spike (5.38B, calculated by multiplying coins moved by the amount of days those coins had been dormant). This influx of $LINK back into the

(Cont) 👇 pic.twitter.com/eHVpeJz2HW

— Santiment (@santimentfeed) February 1, 2024

Recent on-chain reports reveal a drop of 148 wallets with >0 coins, signaling a potential rise in FUD sentiment among investors. 

Notably, large amounts of Chainlink were moved by previously stagnant wallets, causing the average LINK investment age to decrease from 544 to 532 days.

Chainlink LINK Price Action To Watch

Despite these fluctuations, Chainlink has broken through the $18 price mark, experiencing a remarkable 15% surge in the past 24 hours, accompanied by a trading volume increase of over 112%. 

Over the past month, LINK has gained over 30% in value, defying the bearish trend seen in the broader cryptocurrency market.

The sudden activity within the Chainlink network has captured the attention of investors and enthusiasts alike, signaling renewed interest and potential bullish momentum for the popular altcoin. 

As the market continues to evolve, analysts will closely monitor Chainlink’s performance and the dynamics within its ecosystem for further insights into its future trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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The post Chainlink LINK Surges As Dormant Wallets Come Alive appeared first on The Merkle News.

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Filed under: Bitcoin - @ February 3, 2024 11:26 pm